A registered certified public accountant, public accountant, or accounting practitioner who desires to continue to practice in this State must meet the following requirements on or before the dates indicated:

1. (1) pay to the secretary of the board annually on or before July first a license fee, to be fixed by the board; and

2. (2) annually, on or before the last day of February of each year, file with the board, on a form or forms prescribed by the board for this purpose, a certificate of compliance with the continuing education requirements necessary for license renewals as required by Section 40-2-380.

   The board, by regulation, may provide a penalty not to exceed five hundred dollars for each violation for failure to comply with item (1) or (2) above.

   Upon payment of the fee, any penalty required, and filing of the certificate in proper form, the secretary of the board shall issue a license entitling the applicant to practice in this State until July first of the following year.

   The board may, in its discretion, reduce or waive the above requirements in cases of illness, mental or physical incapacity, retirement from practice, and similar situations.