Failure of an individual or a firm to apply for a required license or permit or to pay a required fee within (1) three years from the expiration date of the license or permit last obtained or renewed, or (2) three years from the date the person was granted a license or permit as a public accountant valid under Alaska Stat. § 08.04.661 deprives the individual or firm of the right to a license or permit or renewal of a license or permit unless the board determines that the failure is excusable. In case of excusable failure, the department shall determine the fee for a license or permit or renewal of a license or permit under this section.