The minimum requirements for a home inspector to be issued the renewal of a license are that the home inspector:

(1) Has furnished proof of successful completion of twenty-four hours in instruction in courses approved by the board.

(2) Submit a renewal fee.

(3) If the application for a renewal is not received by the director on or before the renewal date, a penalty fee as prescribed by the director by rule shall be paid.

(4) The license of any person whose license renewal fee is not received within one year from the date of expiration shall be canceled. This person may obtain a new license by satisfying the procedure and requirements as prescribed by the director by rule.