A pharmacy permit expires on the May 31 after its effective date, unless the pharmacy permit is renewed for a 2–year term as provided in this section. Except as provided in paragraph (2) of this subsection, on or before March 1 of the year the permit expires, the Board shall send to each pharmacy permit holder a renewal notice for each pharmacy permit by electronic means to the last known e–mail address of the pharmacy permit holder. If requested by a pharmacy permit holder, the Board shall send to the pharmacy permit holder a renewal notice for each pharmacy permit by first–class mail to the last known address of the pharmacy permit holder. If a renewal notice sent by electronic means under paragraph (1) of this subsection is returned to the Board as undeliverable, the Board shall send to the pharmacy permit holder a renewal notice for each pharmacy permit by first–class mail to the last known address of the pharmacy permit holder. A renewal notice sent under this subsection shall state: The date on which the current pharmacy permit expires; The date by which the renewal application must be received by the Board for the renewal to be issued and mailed before the pharmacy permit expires; and The amount of the renewal fee. Before the pharmacy permit expires, the pharmacy permit holder periodically may renew it for an additional 2–year term, if the pharmacy permit holder: Otherwise is entitled to the pharmacy permit; Pays to the Board a renewal fee set by the Board; and Submits a renewal application to the Board on the form that the Board provides. The Board shall renew the pharmacy permit of each pharmacy permit holder who meets the requirements of this section. If application for renewal is not made on or before May 1, the pharmacy permit shall expire on the last day of its term and the Board may not reinstate the pharmacy permit unless the applicant: Provides reason, sufficient to the Board, for the failure to file within the time required; and Pays, in addition to the renewal fee, a late fee set by the Board.