The license of every person licensed under the provisions of this chapter to practice as a registered nurse or as a licensed practical nurse in this State must be renewed annually, except as otherwise provided. After January 31, 1993, a licensee who has not practiced nursing for a minimum of nine hundred sixty hours in the preceding five years is not eligible for an active license.

A licensee who allows his license to lapse, by failing to renew the license as provided above, may be reinstated by the board on payment of a reinstatement fee and the current renewal fee, and demonstration of nursing competence as defined in regulations of the board.