The Board shall reinstate the license of a physician who has failed to renew the license for any reason, is on inactive status under § 14-320 of this subtitle, or is on emeritus status under § 14-320.1 of this subtitle if the physician:
(1) Meets the renewal requirements of § 14-316 of this subtitle;
(2) Submits a reinstatement application on the form that the Board requires;
(3) Pays to the Board a reinstatement fee set by the Board;
(4) Submits to the Board satisfactory evidence of compliance with the qualifications and requirements established under this title for license reinstatements; and
(5) Meets any additional license reinstatement requirements established by the Board.