Sec. 5. The board may issue a license without an examination to a qualified applicant who:
(1) furnishes satisfactory proof that the applicant:
(A) is a graduate of an accredited college of veterinary medicine;
(B) holds an Educational Commission for Foreign Veterinary Graduates (ECFVG) certificate; or
(C) holds a PAVE certificate;
(2) for the five (5) years immediately preceding filing an application has been a practicing veterinarian licensed in a state, territory, or district of the United States that has license requirements substantially equivalent to the requirements of this chapter; and
(3) otherwise meets the requirements of this chapter.