(a) The initial term of a video lottery operation license is 15 years from the date on which the video lottery facility is issued the license by the Commission.

(b) During the initial term of a video lottery operation license, the licensee shall provide the Commission with an annual update of the information required under this subtitle for the issuance of a license by the date set by the Commission in regulations and on the form required by the Commission.

(c) Two years before the expiration of the term of a video lottery operation license, the licensee shall file with the Commission a notice of intent to reapply for the license under this subtitle.

(d) Within 1 year of the end of the initial 15-year license term, a video lottery operation licensee may reapply for a license that has a license term of 10 years and a license fee to be established by statute.

(e) If a licensee has its license revoked or otherwise surrenders the license, the video lottery operation license reverts to the State.