1.  Notwithstanding any other provision of chapter 78, 80, 82, 84, 86, 87, 87A, 88, 88A or 89 of NRS to the contrary, the Secretary of State shall reinstate a local emerging small business which has forfeited or which forfeits its right to transact business or which has had its right to transact business revoked pursuant to chapter 78, 80, 82, 84, 86, 87, 87A, 88, 88A or 89 of NRS and restore the right to transact business in this State and to exercise its privileges and immunities if it pays to the Secretary of State at least 25 percent of the total amount of the delinquent fees and penalties set forth in the applicable chapter of title 7 of NRS.

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2.  If the local emerging small business fails to pay the entirety of the delinquent fees and penalties pursuant to subsection 1, the local emerging small business shall enter into a payment plan with the Secretary of State to pay the remaining balance of such fees and penalties in monthly payments within 1 year.

3.  If a local emerging small business fails to comply with any provision of the payment plan entered into with the Secretary of State pursuant to subsection 2, the Secretary of State shall revoke the right of the local emerging small business to transact business in this State.

4.  If the right of a local emerging small business to transact business in this State has been forfeited pursuant to chapter 78, 80, 82, 84, 86, 87, 87A, 88, 88A or 89 of NRS and has remained forfeited for a period of at least 5 consecutive years, the right is not subject to reinstatement pursuant to this section.