Final answer:
Generally, a firm must indeed submit a new application for licensure if it doesn't renew within 6 months after expiration, subject to varying regulations.
Step-by-step explanation:
The statement that a firm must submit a new application for a new certificate of licensure if it fails to renew its existing certificate within 6 months of the expiration date is generally True. License renewals are subject to regulations that vary by industry, state, or country, but a common stipulation is that a firm must keep its licensure current to continue operating legally. If a firm allows its license to lapse beyond a certain grace period, such as the mentioned 6 months, it often has to undergo the process as if it were a new applicant.