Failure of an individual, partnership, limited liability company, corporation, or other legal entity 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 AS 08.04.661 deprives the individual, partnership, limited liability company, corporation, or other legal entity 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 fee for a license or permit or renewal of a license or permit under this section may not exceed three times one year's portion of the fee that would have otherwise been required for the license, permit, or renewal.