In case of default in payment by a person, the person's certificate of registration as a certified public accountant or license as a public accountant must be revoked by the board upon twenty days' notice in writing by the secretary-treasurer of the time and place of considering the revocation. The deposit of the notice in the United States post office addressed to the person at his last known place of residence or business and registered postage prepaid is presumed to be due and legal service of the notice. No certificate of registration as a certified public accountant or license as a public accountant may be revoked for nonpayment if the person notified pays a penalty as imposed by the board, not exceeding seventy-five dollars. A person whose certificate of registration as a certified public accountant or license as a public accountant has been revoked for failure to pay his renewal fee may apply to have it regranted to him upon payment to the board of penalties established and all renewal fees that should have been paid had the certificate of registration as a certified public accountant or license as a public accountant not been revoked.