The license fee for an established precious metal dealer shall be fifty dollars ($50.00) per year, except that any application submitted after July 1 of any year shall be accompanied by a license fee of twenty five dollars ($25.00). The license to conduct the business of an established precious metal dealer shall expire on December 31 of each year. Renewal of the license and payment of the license fee shall be made on or before January 1 of the year for which such renewal is desired.