(a) An initial license issued under the provisions of this article shall be valid for no less than three years nor more than seven years as determined by the division to establish set license expiration date on the applicant's birthday in a year in which the applicant's age is evenly divisible by five.
(b) A licensee may renew a license in the manner prescribed by the division upon completion of the application for renewal, verification by the employing dealer and payment of a renewal fee of $10. The license shall be valid for a period of five years.
(1) Any licensee who fails to renew his or her license before the date of expiration shall pay an additional fee of $5.
(2) Any licensee who fails to renew his or her license within six months of expiration is not eligible for renewal and is required to complete the application process required of all new applicants, including the payment of all initial fees, completion of the written test and background investigation as if he or she never held a license.