What are the initial application and renewal application fees respectively?

The initial application and renewal application fees are set based on the regulations governing dealer licensing, which often aim to reflect the administrative costs associated with processing these applications. Therefore, the correct answer indicates that the initial application fee is $190 and the renewal application fee is $175.

These fees are structured to ensure that the licensing process is adequately funded while keeping them reasonable for applicants. The initial application fee is typically higher since it encompasses a more extensive review process for new applicants, including background checks and verification of required documentation. The renewal fee is generally lower, reflecting the ongoing monitoring and compliance review of existing licensees, which is usually less intensive than the initial application process.

Understanding the rationale behind these fee structures can help applicants prepare financially for both submitting new applications and maintaining their licenses over time. This fosters an environment of compliance and accountability in the dealer industry.