An initial license term shall: Begin on the date the license is issued; and Expire on December 31 of the year: In which the license is issued, if the license is issued before November 1; or Immediately following the year in which the license is issued, if the license is issued on or after November 1. On or after November 1 of the year in which a license expires, the license may be renewed for an additional 1–year term if the licensee: Otherwise is entitled to be licensed; Pays to the Commissioner a renewal fee of $125; and Submits to the Commissioner a renewal application in the form, and in accordance with the process, that the Commissioner requires. To the extent required or permitted by NMLS, the Commissioner may determine that licenses issued under this subtitle shall expire on a staggered basis.� A licensee may not renew a license unless, before the submission of the license renewal application, the licensee has transferred the licensee’s licensing information to NMLS in accordance with § 11–403(d) of this subtitle.