(1) All licenses issued under this part are valid from March 1 through March 31 of the following year or as otherwise provided by order of the commission. The department shall designate the period of validity on the license or permit.

    (2) The fee for a multiyear license, permit, or application shall be the annual fee for that license, permit, or application multiplied by the number of years designated by order of the commission.

    (3) At least 6 months prior to the commission issuing an order under subsection (1), the department shall report to the legislature how the department will ensure that the money collected for any multiyear licenses or permits is accounted for and allocated to the appropriate fiscal year.