A. A person applying for a new pawnbroker license shall pay an application fee of one thousand dollars to the sheriff of the county in which the pawnbroker is to be licensed.

B. Each licensed pawnbroker shall pay a renewal fee of five hundred dollars annually to the sheriff of the county in which the pawnbroker is licensed. The annual renewal fee is due not later than January 31.

C. A licensee who fails to renew his license within thirty days after the payment of the license fee is due is subject to a penalty of ten per cent of the license fee which is payable with the license fee.