The license shall be renewed annually by payment of a fee, not to exceed three hundred fifty dollars, to be set by the Board of Examiners of Psychologists in rules promulgated pursuant to chapter 1-26. The failure of a licensee to renew the license by the first day of July each year constitutes a forfeiture. However, a person who forfeits his license may have it restored by making written application and payment of the required renewal fee prior to the first day of January of the next year, following notification from the board.
SDCL 36-27A-24