A registration expires on the first July 1 after its effective date unless it is renewed as provided in this section. Before a registration expires, the registrant may renew it for an additional 1-year term if the registrant: files with the Commissioner: a renewal application on the form that the Commissioner requires; in the case of a corporation or limited liability company, a certificate of good standing issued by the State Department of Assessments and Taxation; and evidence of compliance with § 23-202 of this subtitle; and pays to the Commissioner a renewal fee of $50. The Commissioner shall renew the registration of each registrant that meets the requirements of this section.