(a) A certificate of license expires on the last day of the twenty-fourth month following its issuance or renewal and becomes invalid on that date unless renewed.
(b) Renewal notices must be sent ninety (90) days prior to the expiration date of the license. Renewal notices may be sent by electronic mail if the licensee maintains an electronic mailing address on file with the board.
(c) Renewal may be effected at any time during the thirty (30) days prior to the expiration of the license by filing with the board a financial statement, a report of any personal or corporate bankruptcies and other information that the board may require, by the payment of a fee as set by the board and by submitting evidence of the applicant's current workers' compensation insurance coverage. Failure to provide evidence of workers' compensation insurance coverage shall make the applicant ineligible for renewal until evidence of insurance coverage is provided. In lieu of submitting a financial statement, the renewal applicant may submit proof of a surety bond that meets the requirements of § 62-6-111(b)(5) with the renewal application.
(d) A renewal application for a monetary limitation greater than one million five hundred thousand dollars ($1,500,000) must be accompanied by a compilation prepared by a licensed public accountant or a certified public accountant. If a renewal applicant requests a monetary limitation of one million five hundred thousand dollars ($1,500,000) or less, then the applicant must submit a notarized statement that the information contained in the financial statement is true and correct. The board may, with cause, require a financial statement of the applicant that is reviewed or audited and attested to by a licensed public accountant or certified public accountant if the board has reason to believe it is in the best interest of the public safety and welfare. If the renewal applicant submits proof of a surety bond with the renewal application or maintains an effective surety bond on file with the board that meets the requirements of § 62-6-111(b)(5), then the renewal applicant is not required to provide a financial statement.
(e) The executive director shall notify every person licensed under this part of the date of expiration of this certificate of license and the amount of the fee required for its two-year renewal. Notice may be accomplished by electronic mail or by any other reasonable method determined by the board, in accordance with this section.
(f) The fee to be paid for the renewal of a certificate of license after the expiration date shall be increased ten percent (10%) for each month or fraction of a month that payment for renewal is delayed. The maximum fee for a delayed renewal shall not exceed twice the normal fee.
(g) No contractor shall be qualified to receive a renewal license when the contractor has been in default in complying with this part for a period of one (1) year and in such event the contractor, in order to qualify under the law, shall make a new application as in the case of the issuance of the original license.
(h) The board shall promulgate rules and regulations that establish uniform criteria to govern the review and adjustment of the general construction classifications, specialty classifications and monetary limitations of certificates of license that are subject to renewal by the board. The criteria shall also establish a method for identifying those licensees applying for renewal who may require a greater degree of scrutiny by the board than usual.