The Board may place a licensee on emeritus status, if the licensee submits to the Board an application for emeritus status on the form required by the Board. The Board shall place a licensee on emeritus status if the individual: has an active or inactive license to practice certified public accountancy under this subtitle; is not under investigation by the Board for a violation of this title; is not the subject of a pending disciplinary action related to the practice of certified public accountancy in the State or another state; has practiced public accountancy in the State for at least 20 years; and is at least 60 years old; or has at least 40 years of experience as a certified public accountant; and attests that: the individual is retired and is no longer actively practicing public accountancy in the State; and the individual will not provide certified public accountancy services unless reinstated in accordance with § 2–314 of this subtitle. The Board shall review an application submitted under this section within 60 days of receipt of the application. If the Board approves an application for emeritus status under this section, the Board shall send the licensee: written notice of the approval; and a certificate of emeritus status. A licensee on emeritus status is exempt from: the continuing education requirements under § 2–312 of this subtitle; and the reinstatement fee under § 2–314 of this subtitle.