(1) file with the Commissioner:

(i) an application in the form that the Commissioner requires; and

(ii) a prospectus for the franchise; and

(2) pay an application fee of $500.

(b) Instead of the application for registration and prospectus described in subsection (a) of this section, the Commissioner may accept an application for registration and prospectus that:

(1) are found by the Commissioner to include disclosure requirements similar to those of this subtitle; and

(2) are:

(i) required by a unit of the federal government or another state government; or

(ii) approved by an association of administrators of state franchise laws.

(c) The applicant shall sign and verify the application for registration.