A. If no grounds for denial of a license or branch office permit are found to exist, the deputy director, within one hundred twenty days after receiving a complete application, shall grant the application and issue a license or branch office permit to the applicant.

B. The license or branch office permit year for a licensee begins January 1 and ends December 31 of each year. A license or permit that is issued pursuant to this chapter remains active until the license or permit expires or the director suspends, revokes or terminates the license or permit.

C. A licensee or permit holder shall apply for renewal as prescribed by the deputy director and pay the renewal fee prescribed in section 6-126 not later than December 31 of each year. For each day after December 31 that the renewal application is not received by the deputy director, the applicant shall pay a $25 late fee in addition to the fee prescribed in section 6-126. If the deputy director does not receive the licensee’s or permit holder’s renewal application and fee on or before December 31, the licensee or permit holder may not act as a premium finance company or branch office until the license or permit is renewed or a new license or permit is issued pursuant to this chapter. If the deputy director does not receive the licensee’s or permit holder’s renewal application and fee on or before January 31, the license or permit automatically expires. The holder of an expired license or permit may not be issued a renewal license or permit but may be issued a new license or permit as provided in this chapter.

D. A license or branch office permit remains the property of this state. On termination, at the request of the licensee or revocation by the deputy director, the licensee shall immediately deliver the license or branch office permit to the deputy director.