(1) A licensee who fails to renew the licensee's license and to pay the biannual renewal fee after renewal becomes due shall have the license automatically revoked without further notice of hearing, unless renewal is made and all fees paid prior to the expiration of sixty (60) days from the date such renewal becomes due.
(2) Any person whose license is automatically revoked as provided in this section may have the license reinstated by the board in its discretion for good cause being shown, upon payment of all past-due renewal fees and upon the further payment of a nonrefundable sum as set by the board.