The Board shall place a licensee on inactive status if the licensee submits to the Board: An application for inactive status on the form that the Board requires; and The inactive status fee set by the Board. The Board shall license an individual on inactive status who applies for a license if the individual: Meets the renewal requirements of § 2–4A–10 of this subtitle; and Meets any continuing education requirements established by the Board. The Board may not require payment of a late fee by an individual as a condition to licensing under this paragraph. The Board shall reinstate the license of an individual who has not been put on inactive status and who has failed to renew the license for any reason if the individual: Meets the renewal requirements of § 2–4A–10 of this subtitle; Pays to the Board a reinstatement fee set by the Board; and Applies to the Board for reinstatement of the license within 5 years after the license expires. The Board may not reinstate the license of an individual who fails to apply for reinstatement of the license within 5 years after the license expires. Notwithstanding paragraph (1) of this subsection, an individual may become licensed by meeting the requirements of § 2–4A–06 of this subtitle for obtaining a new license.