(1) The commissioner shall annually renew the license of a licensed mortgage loan originator if all of the following are met before his or her current license expires:

    (a) The mortgage loan originator continues to meet the requirements for license issuance under section 9(1)(a) to (g).

    (b) The mortgage loan originator has satisfied the annual continuing education requirements described in section 17.

    (c) The mortgage loan originator has paid the fee required under section 19.

    (2) If a mortgage loan originator fails to satisfy the requirements of subsection (1) for renewal of his or her license, the license shall expire. The commissioner may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the nationwide mortgage licensing system and registry.