Right to Continue Operating Under Existing License

An application on the form prescribed by the Commissioner for the renewal of a license, filed before midnight of the last day of the period for which a previous renewal license was issued, or midnight of the expiration date of an original license under which the bolder has been notified that he is eligible for a renewal license, accompanied by the applicable renewal fee, entitles the applicant to continue operating under his existing license after its specified expiration date, if not previously suspended or revoked, and until such date as he is notified in writing that the application has been granted or denied.