(a) Unless the registration of a business opportunity is renewed for a 1-year term as provided in this section, the registration expires on the first anniversary of its effective date.

(b) Before the registration expires, the registrant periodically may renew it for an additional 1-year term, if the registrant:

(1) files with the Commissioner:

(i) a renewal application on the form that the Commissioner provides;

(ii) a current disclosure document along with any other documents or information that the Commissioner may require by order or regulation; and

(iii) proof that the seller has satisfied the bond and trust account requirements under § 14-115 of this subtitle; and

(2) pays a renewal fee of $100.

(c) The Commissioner shall renew the registration of a business opportunity if the registrant complies with the requirements of this section.