I. In any case where the board has suspended or revoked a certificate, permit, or registration or refused to renew a certificate, permit, or registration, the board may, upon application in writing by the individual or firm affected and for good cause shown, modify the suspension or reissue the certificate, permit, or registration.
II. The board shall by rule specify the manner in which such applications shall be made, the times within which they shall be made, and the circumstances under which hearings will be held.
III. Before reissuing or terminating the suspension of a certificate, permit, or registration under this section, and as a condition to such action, the board may require the applicant to show successful completion of specified continuing professional education. The board may make the reinstatement of a certificate, permit, or registration conditional and subject to satisfactory completion of a peer review conducted in such fashion as the board shall specify.