1. (A) A licensee shall file an application for renewal on or before January first of each calendar year.

2. (B) The application for renewal of a license must include:

   1. (1) current information concerning practice status;
   2. (2) a verified continuing education report;
   3. (3) renewal fee.
3. (C) The verified report of continuing education must document forty hours of acceptable continuing education each calendar year. Not more than twenty percent of the required hours may be in personal development subjects. A licensee is not required to report continuing education for the year in which the initial license was obtained. The board by regulation may provide for the carryover of excess hours of continuing education not to exceed twenty hours a year. No carryover is allowed from a year in which continuing education was not required.
4. (D) A license not renewed on or before January first is considered revoked. Continued practice after January fifteenth must be sanctioned as unlicensed practice of accounting.
5. (E) Renewal applications filed or completed after January fifteenth are subject to a reinstatement fee in the amount of five hundred dollars. A person may not practice on a revoked license.

6. (F) A certified public accountant or public accountant whose license has lapsed or has been inactive for:

   1. (1) fewer than three years, the license may be reinstated by applying to the board, submitting proof of completing forty continuing education units for each year the license has lapsed or has been inactive, and paying the reinstatement fee;
   2. (2) three or more years, the license may be reinstated upon completion of six months of additional experience, and one hundred and twenty hours of continuing education;
   3. (3) an indefinite period and has active status outside of this State may reinstate the license by submitting an application under Section 40-2-240.

HISTORY: 1996 Act No. 453, Section 1; 2004 Act No. 289, Section 1.