(1) All licenses shall be issued for one (1) year, commencing on the date the license is issued and ending on the last day of the twelfth month thereafter.

(2) An expired license shall remain in effect for the renewal grace period described in Subsection (3) of this Section. If an expired license is renewed during the renewal grace period, the effective date of the renewed license shall be the first day of the month following the original expiration date.

(3) An expired license may be renewed during the renewal grace period. The renewal grace period extends from the first day following license expiration to the end of business hours on the last business day of the month following expiration. During the grace period a license may be renewed without a new application, by payment of all required fees, including late fees, as shown on the Consolidated Fee Schedule adopted by the Municipal Council. After the renewal grace period, if business activity continues, the license will be considered delinquent under Section 6.01.150, Provo City Code, and new application must be made and all associated fees must be paid to obtain a new license.

(4) Any license may be suspended or revoked at any time as described in Sections 6.01.160 and 6.01.170, Provo City Code.

(5) Licenses shall not be transferred.