(1) The holder of a certificate or license who is fully retired from active employment in the practice of public accounting as defined in 37-50-101, MCA, may submit a retired status request form to the board. Upon approval of the request, the individual will be exempt from paying annual renewal fees. Holders of a permit to practice in retired status will also be exempt from CPE requirements and may use the designation "CPA (Retired)."

(2) An individual on retired status may apply for their certificate, license, or permit to practice to be reactivated within two years of the date their license was placed on retired status by complying with all renewal requirements. A retired license that is not reactivated within two years of the date the license was placed on retired status automatically terminates. In accordance with 37-1-141, MCA, once a license has terminated, it may not be reactivated and a new original license must be obtained through application, and all current licensing requirements must be met.

(3) Holders of Montana certificates, licenses, or permits who avail themselves of practice privileges in other jurisdictions, or who are practicing public accounting as defined in 37-50-101, MCA, in other jurisdictions in which they are licensed, may not place their Montana certificate, license, or permit on retired status.