1. The Commission shall by regulation provide for the registration by the Division of reserve study specialists. The regulations:
(a) Must establish the qualifications for registration, including, without limitation, the education and experience required for registration.
(b) May require applicants to pass an examination for registration. If the regulations require such an examination, the Commission shall by regulation establish fees to pay the costs of the examination, including any costs which are necessary for the administration of the examination.
(c) Must establish the grounds for initiating disciplinary action against a person who has registered, including, without limitation, the grounds for placing conditions, limitations or restrictions on registration and for the suspension or revocation of registration.
(d) Must establish rules of practice and procedure for conducting disciplinary hearings.
2. The Division may collect a fee for registration in an amount not to exceed the administrative costs of registration.