(a) The board may establish, by regulation, a system for the placement of a license on a retired status, upon application, for certified public accountants and public accountants who are not actively engaged in the practice of public accountancy or any activity which requires them to be licensed by the board.
(b) No licensee with a license on a retired status shall engage in any activity for which a permit is required.
(c) The board shall deny an applicant’s application for a retired status license if the permit is canceled or if the permit is suspended, revoked, or otherwise punitively restricted by the board or subject to disciplinary action under this chapter.
(d) Beginning one year from the effective date of the regulations adopted pursuant to subdivision (a), if an applicant’s permit is delinquent, the board shall deny an applicant’s application for a retired status license.
(e) The board shall establish minimum qualifications for a retired status license.
(f) The board may exempt the holder of a retired status license from the renewal requirements described in Section 5070.5.
(g) The board shall establish minimum qualifications for the restoration of a license in a retired status to an active status. These minimum qualifications shall include, but are not limited to, continuing education and payment of a fee as provided in subdivision (h) of Section 5134.