A.(1) Each license or registration issued pursuant to this Chapter shall be:

            (a) Effective for a period of one year.

            (b) Renewed timely on or before September thirtieth annually.

            (c) Expired on December thirty-first following the date upon which it is issued.

            (2) A licensee or registrant who conducts any activity authorized by the license or registration after the expiration of the license or registration shall be deemed in violation of this Chapter.

            B.(1) Any licensee or registrant who fails to renew timely may renew the license or registration delinquently by submitting all of the following no later than December thirty-first annually:

            (a) Payment of the appropriate renewal and delinquent fees prescribed by this Chapter.

            (b) A complete renewal application.

            (2) A licensee or registrant who fails to delinquently renew a license or registration by December thirty-first forfeits his renewal rights, and the former licensee or registrant shall be required to apply as an initial applicant and meet all requirements of an initial applicant. However, notwithstanding any other provision of this Chapter, nothing in this Paragraph requires the former licensee or registrant to complete the ninety hours of real estate coursework, which is required prior to initial licensure pursuant to La. Rev. Stat. 37:1437.

            C. Notwithstanding any provision of law to the contrary, registered timeshare developers who qualify pursuant to Section 5 of Act No. 999 of the 1985 Regular Session of the Legislature and who fail to renew timely shall no longer qualify pursuant to that Act.

            Acts 1983, No. 269, §1; Acts 1983, No. 552, §2; Acts 1986, No. 840, §1; Acts 1989, No. 655, §1, eff. Jan. 1, 1990; Acts 1995, No. 1207, §1; Acts 1999, No. 452, §2; Acts 2007, No. 35, §1; Acts 2021, No. 193, §1, eff. April 1, 2022.

            NOTE: See Acts 2021, No. 193, §2, regarding license or registration renewal.