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; and The emeritus status fee set by the Board. The Board shall place a licensee on emeritus status if the individual: Has an active, unrestricted license to practice medicine under this subtitle; Is not under investigation by the Board for a violation of this title; Has practiced medicine in this State for at least 10 years; Has not been the subject of disciplinary action in a jurisdiction where the individual is licensed that resulted in the revocation or suspension of the individual’s license; and Attests that the individual is retired and is no longer actively practicing medicine in this State. A licensee on emeritus status is exempt from the continuing education requirements under § 14–316(d) of this subtitle.