A "renewal fee" is the amount of money you need to pay to continue using something or to extend the validity of a service or membership. It is like a fee you pay to keep something going or to maintain its benefits. Full definition
Applicants issued an initial license more than 90 days prior to the renewal date will still be required to renew and pay renewal fees. (lamoillerealtors.com)
Your annual renewal fee for that year would be 0.5 % of that amount, or $ 3,500. (valuepenguin.com)
Maintaining the license typically requires an annual renewal fee. (800loanmart.com)