(a) The license of any broker, affiliate broker, time-share salesperson or acquisition agent who fails timely to pay a renewal or retirement fee or to comply with any prerequisite or condition to licensure or renewal may be reinstated without examination within sixty (60) days after the expiration date of the license upon providing proof of compliance with the prerequisites or conditions, including payment of any penalty fee arising from failure to comply with any prerequisite or condition to renewal prior to the expiration date of the license and payment of the renewal fee, plus an additional penalty fee of not more than one hundred dollars ($100) per month. Any person desiring reinstatement thereafter must reapply for licensure; provided, however, that the commission may, in its discretion:
(1) Waive reexamination or additional education requirements for such an applicant; or
(2) Reinstate a license subject to the applicant's compliance with reasonable conditions that the commission may prescribe, including payment of a penalty fee, in addition to the penalty fee provided in subsection (a), of not more than one hundred dollars ($100) per month, or portion of a month, from the time the license expired.
(b) When fees are remitted by mail to the commission, the date of payment shall be determined by the official postmark on the mail.
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