(1) In the event that any establishment license application, terminal operator license application, supplier license application or manufacturer license application is not approved by the board based on a finding that an individual who is a principal or has an interest in the person applying for the license does not meet the character requirements of this part or any of the eligibility requirements under this part or a person who purchases a controlling interest in the applicant in violation of section 3517 (relating to change in ownership or control of terminal operator licensee), the board may afford the individual the opportunity to completely divest his interest in the person, its affiliate, intermediary, subsidiary or holding company seeking the license and, after such divestiture, reconsider the person's or applicant's suitability for licensure in an expedited proceeding and may, after such proceeding, issue the person or applicant a terminal operator license.

(2) The board shall approve the terms and conditions of any divestiture under this section.