A license expires on the first July 1 after its effective date and in an odd-numbered year, unless it is renewed for a 2-year term as provided in this section. At least 1 month before a license expires, the Commissioner shall mail to the licensee, at the last known address of the licensee, or send by electronic means in accordance with § 2–116 of this article: a renewal application form; and a notice that states: the date by which the Commissioner must receive the renewal application for the renewal to be issued and mailed before the license expires; and the amount of the renewal fee. Before a license expires, the licensee may renew it for an additional 2-year term, if the licensee: otherwise is entitled to be licensed; files with the Commissioner a renewal application on the form that the Commissioner provides; and pays to the Commissioner the applicable renewal fee for an insurance producer under § 2-112 of this article. The Commissioner shall renew the license of each licensee who meets the requirements of this section.