If an individual‘s license issued under this chapter expires for failure to pay the annual fee, the board shall reinstate that individual and renew the license if, within one year from the date of expiration, the individual pays to the secretary of the board the amount of the annual fees in default and a late fee in the amount established by the board by rule and demonstrates all continuing education requirements have been met or the board has granted an extension of the period in which to meet the continuing education requirements.