Active or disabled action button in a mobile form?

I have a "Change Password" screen where the user's password has expired and he / she needs to change it. It is a standard screen with the fields "New password" and "Re-enter new password" and an inline check that verifies that the password policies are adhered to (while the user is typing): 8 characters, 1 digit, 1 digit, 1 special character character.

We have an argument as to whether the main Change Password action button should be disabled until all checks are cleared, or to keep them active and provide an error if needed.

What do you think is better?