1.  The Department may approve or reject the application for a license to operate a salvage pool. If the Department receives the statement required pursuant to NRS 487.003 and approves the application, it shall issue to the applicant a license containing the applicant’s name and address, the name under which the business is to be conducted, the business address, and a distinguishing number assigned to the applicant.

2.  A licensee shall post the license in a conspicuous place clearly visible to the general public at the business address set forth on the license.

3.  A license expires on April 30 of each year.

4.  Except as otherwise provided in subsection 5, a licensee may renew his or her license by submitting to the Department:

(a) A completed application for renewal upon a form supplied by the Department;

(b) The statement required pursuant to NRS 487.003; and

(c) The fee for renewal of a license provided in NRS 487.450.

5.  A license that expires for failure to renew before April 30 may be reinstated upon submission to the Department of:

(a) The application for renewal and statement specified in paragraphs (a) and (b) of subsection 4;

(b) The fee for renewal of a license provided in NRS 487.450; and

(c) A late fee of $25. Any fee collected by the Department pursuant to this paragraph must be deposited with the State Treasurer for credit to the Motor Vehicle Fund.