Sec. 7. (a) The board shall recommend placement of a substance in schedule III under this chapter if it finds that:
(1) the substance has a potential for abuse less than the substances listed in schedule I and II under this chapter;
(2) the substance has currently accepted medical use in treatment in the United States; and
(3) abuse of the substance may lead to moderate or low physical dependence or high psychological dependence.
(b) The board may recommend placement of a substance in schedule III under this chapter if it finds that the substance is classified as a controlled substance in schedule III under federal law.