COMLEX Step II is taken during the 4th year, either in August or January.
Some schools (such as mine) require passage of Step II in order to graduate. We are required to take it in August, so that anyone who fails can retake it in January. Other schools allow their students to wait till January to take it for the first (and hopefully only) time.
Step III is taken during the internship year, and is offered in December or June. I believe passage of Step III is required in order to receive licensure to practice in most states.