A registration expires on the first August 31 after its effective date unless it is renewed as provided in this section. At least 1 month before a registration expires, the Commissioner shall send to the licensee, at the last known address of the licensee or electronic mail address of the licensee on record a notice that states: the process for renewing the registration; the date by which the Commissioner must receive the renewal application; and the amount of the renewal fee. Before a registration expires, the licensee may renew the registration of a representative for an additional 1–year term if: the representative otherwise is entitled to a registration; the licensee files with the Commissioner a renewal application: on the form that the Commissioner provides; or in an electronic format that the Commissioner approves; and the licensee pays to the Commissioner a registration renewal fee of $2. The Commissioner shall renew the registration of a representative if the licensee and representative meet the requirements of this section.