Section 7-306 - Licenses - Term; renewal; expiration(a) An initial license term shall: (1) begin on the date the license is issued; and(2) expire on December 31 of the year:(i) in which the license is issued, if the license is issued before November 1; or(ii) immediately following the year in which the license is issued, if the license is issued on or after November 1.(b) On or after November 1 of the year in which a license expires, the license may be renewed for an additional 1-year term, if the licensee: (1) is otherwise entitled to be licensed;(2) pays to the Board a nonrefundable renewal fee set by the Board;(3) submits a renewal application in the form and in accordance with the process that the Board requires; and(4) files as part of the application a surety bond as required under § 7-304 of this subtitle.(c) To the extent required or permitted by NMLS, the Board may determine that licenses issued under this subtitle shall expire on a staggered basis.(d) A licensee may not renew a license unless, before the submission of the license renewal application, the licensee has transferred the licensee's licensing information to NMLS in accordance with § 7-301(d) of this subtitle.Amended by 2017 Md. Laws, Ch. 253,Sec. 1, eff. 7/1/2017.