(A) Each licensee shall make application for renewal of his or her license to the Liquor Control Commissioner not less than one month prior to the end of the licensing period. The annual fee for the license must accompany this renewal application. If the Liquor Control Commissioner determines that the renewal application contains information that is in any way changed from the original application for license, in which case a new investigation of the license is necessary, a fee of $375 shall be charged to the licensee to cover the costs of such investigation, in addition to the yearly license fee.
(B) If, after investigation, it is determined that the applicant is not entitled to a renewal license, the yearly license fee shall be returned. The charge for the investigation is non-refundable.
(C) A renewal license shall be issued provided the licensee is entitled to receive a license and provided that the premises for which renewal license is sought are suitable for such purposes; pro-vided further that the renewal privilege herein provided for shall not be construed as a vested right which shall in any case prevent the corporate authorities from decreasing the number of licenses to be issued within the village.
(D) In the event that the village shall reduce the number of licenses below that number issued in the prior year and the number of applicants do not decrease such as to be equal to or less than the number of available licenses, the Liquor Control Commissioner may issue the available licenses on the basis of date of application, years holding prior licenses, adequate service to areas in village, record of violation or any other reasonable basis.