36-31-11. Expiration of license--Renewal--Fee--Restoration of forfeited license--Time limit--Continuing competency requirements. Any license issued by the board, pursuant to the provisions of this chapter, shall expire on the first day of January of the year next succeeding the issuance thereof. A license may be renewed upon the payment of a fee to be fixed annually by the board. Failure of a licensee to renew his license on or before the first day of March of each year, constitutes a forfeiture of such license. However, any person who has forfeited his license under this chapter may have it restored to him by making written application thereof and by payment of the annual renewal fee for the current year and late renewal fee. Late renewal of a license may not be granted more than five years after its expiration. The board may establish, pursuant to chapter 1-26, additional requirements for license renewal which provide evidence of continuing competency.