The secretary may reinstate an expired certificate of authorization if the postsecondary institution:
(1) Continues to meet the requirements of subdivisions 13-48-37(1) and (2);
(2) Has not been ordered to cease its operations in the state pursuant to § 13-48-40; and
(3) Has filed with the secretary an application for reinstatement, on a form prescribed by the secretary, and paid a nonrefundable reinstatement fee of two hundred fifty dollars.