(a) The Board may place a licensee on emeritus status, if the licensee submits to the Board:
(1) An application for emeritus status on the form required by the Board; and
(2) The emeritus status fee set by the Board.
(b) The Board shall place a licensee on emeritus status if the individual:
(1) Has an active, unrestricted license to practice medicine under this subtitle;
(2) Is not under investigation by the Board for a violation of this title;
(3) Has practiced medicine in this State for at least 10 years;
(4) Has not been the subject of disciplinary action in a jurisdiction where the individual is licensed that resulted in the revocation or suspension of the individual’s license; and
(5) Attests that the individual is retired and is no longer actively practicing medicine in this State.
(c) A licensee on emeritus status is exempt from the continuing education requirements under § 14-316(d) of this subtitle.