Any person licensed under this chapter may retire the license by submitting a form prescribed by the board accompanied by the current active license certificate and a fee in an amount set by rules promulgated by the board. Upon receipt of an acceptable application to retire the license, the board shall issue a retired inactive license certificate to the retiree. The holder of a retired license shall not be entitled to engage in the practice of barbering until the person’s license is reactivated in a manner approved by the board.