In accordance with its regulations, the Board may reinstate the license of an individual who has failed to renew the license for any reason or is on emeritus status under § 2–313.1 of this subtitle if the individual: otherwise is entitled to be licensed; except as provided under § 2–313.1 of this subtitle, complies with each continuing education requirement that the Board sets for this purpose; and except as provided under § 2–313.1 of this subtitle, pays to the Board a reinstatement fee set by the Board.