(b) On or after November 1 of the year in which a registration expires, the registration may be renewed for an additional 1-year term if the registrant:

(1) Otherwise is entitled to be registered;

(2) Pays to the Commissioner the renewal fee established under § 12-1006 of this subtitle;

(3) Submits to the Commissioner a renewal application on the form that the Commissioner requires; and

(4) Pays to NMLS any fees that NMLS imposes in connection with the renewal of the registration.