A registration issued under this subtitle expires on December 31 of each year. On or after November 1 of the year in which a registration expires, the registration may be renewed for an additional 1–year term if the registrant: Otherwise is entitled to be registered; Pays to the Commissioner the renewal fee established under § 12–1006 of this subtitle; Submits to the Commissioner a renewal application on the form that the Commissioner requires; and Pays to NMLS any fees that NMLS imposes in connection with the renewal of the registration.