In accordance with its regulations, the Board may reinstate the license of an individual who has failed to renew the license for any reason if the individual:

            (1)      otherwise is entitled to be licensed;

            (2)      complies with each continuing education requirement that the Board sets for this purpose; and

            (3)      pays to the Board:

                  (i)      all past due renewal fees; and

                  (ii)      a reinstatement fee not exceeding $60, as set by the Board.