Sec. 5.3. The board shall issue a license to an individual who:
(1) holds a limited license under section 18 of this chapter;
(2) applies to the board in the form and manner prescribed by the board;
(3) pays a fee;
(4) passes an examination on the state or federal statutes, state rules, and federal regulations that the board determines by rule to be relevant to the practice of psychology; and
(5) has practiced psychology continuously since September 1, 1985.