(1) In any case where the board has suspended, revoked, or refused to renew a license, the board may, upon application in writing by the person or firm affected and for good cause shown, modify the suspension or reissue the license.
(2) The board shall by administrative regulation, specify the manner in which:
(a) Applications shall be made;
(b) The times within which the applications shall be made, and the circumstances in which hearings, to be conducted in accordance with KRS Chapter 13B, shall be held thereon; and (c) Any corrective or remedial education, training, or review requirement for reinstatement.