What penalty does a firm or individual face for allowing their registration certificate or license to expire for over 90 days but less than 2 years?

When a firm or individual allows their registration certificate or license to expire for over 90 days but less than 2 years, they are required to pay all unpaid renewal fees along with a new initial fee to reinstate their certification or license. This requirement is in place to ensure that the individuals or firms maintain compliance with regulatory standards and continue to operate legally.

The rationale behind these charges is to discourage lapses in registration and encourage timely renewals, thereby maintaining safety and compliance within the industry. This system of penalties helps to regulate practices effectively while allowing individuals and firms a route to regain their registration status without facing harsher or immediate sanctions.

The other options might suggest more severe consequences or different requirements which do not align with established regulations for expired registrations, making the necessity to pay renewal fees and a new initial fee the most accurate answer.