1.  Annual renewal.  A license under this Act may be renewed annually. The renewal term is for a period of one year and begins on January 1st of each year after the initial license term and expires on December 31st of the year the renewal term begins.  

2.  Renewal report.  A licensee must submit a renewal report with the renewal fee, in a form and in a medium prescribed by the administrator. The renewal report must state or contain a description of each material change in information submitted by the licensee in its original license application that has not been reported to the administrator.  

3.  Renewal extension.  The administrator for good cause may grant an extension of the renewal date.  

4.  Processing license renewals.  The administrator may use NMLS to process license renewals as long as the license renewals are consistent with the requirements of this section.