(a) Application for a license as a buying service or club shall be made on forms prescribed by the administrator and shall contain such information and supporting documents as he may require.

(b) Licenses shall be issued for a period of one year and shall be renewable within 90 days preceding the expiration thereof.

(c) The fee for a license or for the renewal thereof shall be $50.00, payable to the administrator for deposit by the Office of Treasury and Fiscal Services in the general fund of the state.