An application for registration or renewal of registration as an athlete agent shall be accompanied by a nonrefundable fee for each of the following: (i) an initial application for registration, (ii) an application for registration based on a certificate of registration or its equivalent issued by another state, (iii) an application for renewal of registration, and (iv) an application for renewal of registration based on a renewal of registration or its equivalent in another state. That fee shall be:
1. For a one-year registration or renewal, in the amount of $700;
2. For a two-year registration or renewal, in the amount of $1,150; or
3. For the fee set forth in subdivision 1 or 2, or both, of this section, a higher or lower fee that the Director determines by regulation is necessary and consistent with § 54.1-113.