(a) Term of registration. --
(1) Unless registration of an offer of a franchise is renewed for a 1-year term as provided in this section, the registration expires on the first anniversary of its effective date.
(2) However, the Commissioner by regulation or order may set a different term of registration.
(b) Applications for renewal. --
(1) Before registration expires, the registrant periodically may renew it for an additional 1-year term, if the registrant:
(i) at least 15 business days before the expiration of registration files with the Commissioner:
1. a renewal application on the form that the Commissioner provides; and
2. a prospectus;
(ii) otherwise is entitled to be registered; and
(iii) pays a renewal fee of $ 250.
(2) The registrant shall sign and verify the renewal application.
(3) The Commissioner by order may allow a registrant to submit a renewal application after the 15th business day before expiration of the registration.
(c) Issuance of renewal. -- The Commissioner shall renew the registration of an offer of a franchise if it meets the requirements of this section.
(d) Effective date of renewal. -- Unless a stop order or other order is in effect under this subtitle, renewal of the registration of the offer of a franchise automatically takes effect at:
(1) noon on the day when the previous registration is due to expire; or
(2) an earlier time that the Commissioner sets.
An. Code 1957, art. 56, §§ 350, 358, 359, 360; 1992, ch. 4 § 2; ch. 26, § 4.