(a) The board shall issue or renew licenses to persons who make application and demonstrate their qualifications in accordance with subsections (b) to (g), inclusive, of this section.

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(b) Licenses shall be initially issued for one year and renewed annually. Applications for such licenses shall be made in such form, and in the case of applications for renewal, between such dates, as the board shall by regulation, adopted in accordance with the provisions of chapter 54, specify.

(c) An applicant for initial issuance of a license under this section shall show:

(1) That such applicant holds a valid certificate;

(2) If the applicant’s certificate was issued more than four years prior to his or her application for issuance of an initial license under this section, that he or she has fulfilled the requirements of continuing professional education that would have been applicable under subsection (e) of this section if he or she had secured his or her initial license within four years of issuance of his or her certificate and was now applying under subsection (e) of this section for renewal of such license.

(d) The board shall issue a certificate to a holder of a certificate issued by another state upon a showing that:

(1) The applicant passed the examination required for issuance of his or her certificate with grades that would have been passing grades at the time in this state; and

(2) The applicant meets all current requirements in this state for issuance of a certificate at the time the application is made; or the applicant, at the time of the issuance of the applicant’s certificate in the other state, met all such requirements then applicable in this state; or the applicant has had five years of experience in the practice of public accountancy no earlier than the ten years immediately preceding the applicant’s application or meets equivalent requirements prescribed by the board by regulation.

(e) For renewal of a license under this section, an applicant shall show that he or she has completed forty hours of continuing professional education during each year from the date of issuance or last renewal. A renewal applicant who has a principal place of business outside of this state may show compliance with the provisions of this subsection by certifying in writing that he or she has completed the continuing professional education requirements in the state of the applicant’s principal place of business during each year from the date of his or her license issuance or last renewal. The board may prescribe, by regulation adopted in accordance with the provisions of chapter 54, the content, duration and organization of continuing professional education courses which contribute to the general professional competence of the applicant.

(f) For renewal of a license under this section, the board shall charge the following fees for failure to earn continuing education credits by the June thirtieth deadline:

(1) Three hundred fifteen dollars for reporting on a renewal application a minimum of forty hours of continuing professional education, any of which was earned after June thirtieth and on or by September thirtieth;

(2) Six hundred twenty-five dollars for reporting on a renewal application a minimum of forty hours of continuing professional education any of which was earned after June thirtieth and on or by December thirty-first.

(g) The board shall charge a fee of one hundred fifty dollars for the initial issuance and the professional services fee for class I, as defined in section 33-182l, for each annual renewal of such license.

(h) Applicants for initial issuance or renewal of licenses under this section shall in their applications list all states in which they have applied for or hold certificates or licenses, and each holder of or applicant for a license under this section shall notify the board in writing, within thirty days after its occurrence, of any issuance, denial, revocation or suspension of a certificate or license by another state.

(i) The board shall administer an online renewal system for licenses renewed pursuant to this section. Each applicant for renewal pursuant to this section shall use such online renewal system and shall pay the applicable renewal fee using a credit card or via electronic funds transfer from a bank or credit union account. A licensee may request a waiver of such renewal requirements due to extenuating circumstances and the board may allow such licensee to renew his or her license using a paper form.