(1) A license, certificate, or registration issued pursuant to KRS 309.084 shall be renewed every three (3) years upon:
(a) Payment of the renewal fee as established pursuant to KRS 309.0813; and (b) Completion of continuing education requirements, as established by the board by promulgation of an administrative regulation, not to exceed sixty (60) hours per renewal period.
(2) The board shall cancel any license, certificate, or registration not renewed within ninety (90) days after the renewal date; however, the board may reinstate the license, certificate, or registration upon its holder paying the renewal fee and satisfying the other reinstatement requirements as established by the board by administrative regulation within one (1) year of the anniversary date of issue of renewal.