A dealer’s license may be renewed for successive periods of 1 year. A renewal license expires each year on June 30. A dealer seeking a renewal license shall submit a renewal application on or before June 1. The renewal application shall include the information and comply with the provisions of Regulation .45 of this chapter. The renewal application must be accompanied by a nonrefundable payment of $25. Upon receipt of a properly submitted renewal application, the Secretary shall issue a renewal license within a reasonable time if the applicant is not otherwise disqualified from possessing a dealer’s license.