(a) A license issued pursuant to this chapter that expires due to failure to satisfy the minimum standards for renewal may be reinstated if the licensee meets the following requirements:

(1) The licensee applies for reinstatement between January 1 and February 28 of the year immediately following the year in which the license expired;
(2) All continuing education courses required for license renewal for the year in which the license expired shall be completed between January 1 and February 28 of the year immediately following the year in which the license expired; provided that continuing education courses that satisfy the previous year’s requirement shall not also be credited toward satisfying the current year’s continuing education requirements; and
(3) The licensee shall pay all applicable licensing, reinstatement, and late fees assessed by the commissioner.
(b) A licensee that fails to meet the requirements for renewal of an expired license established by this section may apply for a new license and shall meet the requirements for new licenses in effect at the time of application.