The nonrefundable application processing fee shall be fifty dollars. On or before June 1 of each year, the licensee shall make application for license renewal and shall at that time pay a nonrefundable renewal application processing fee of fifty dollars. All renewals shall take effect on July 1. Any license not renewed by June 30 of each year shall terminate effective July 1 of that year. All fees shall be collected by the Commission and paid into the state treasury to the credit of the fund for the maintenance of the Bureau of Insurance as provided in subsection B of § 38.2-400.

History

2001, c. 706.