A license expires on the first December 31 after its effective date unless it is renewed as provided in this section. At least 1 month before a license expires, the Commissioner shall send to the licensee, at the last known address of the licensee or electronic mail address of the holder on record a notice that states: the process for renewing the license; the date by which the Commissioner must receive the renewal application; and the amount of the renewal fee. Before a license expires, the licensee may renew it for an additional 1–year term if the holder: otherwise is entitled to a license; files with the Commissioner a renewal application: on the form that the Commissioner provides; or in an electronic format that the Commissioner approves; files with the Commissioner the fees to be charged to members; provides a financial statement as required under § 26–203(c)(3) of this subtitle; and pays to the Commissioner a renewal fee of $100. The Commissioner shall renew the license of each licensee that meets the requirements of this section.