(1) The board, in its discretion, and otherwise subject to the provisions of this chapter and the administrative regulations of the board promulgated thereunder prescribing the qualifications for a long-term care administrator license, may issue a license to a long-term care administrator possessing a license issued by the proper authorities of any other state, upon payment of a fee set by the board, and upon submission of evidence satisfactory to the board:
(a) That the other state maintained a system and standard of qualifications and examinations for a long-term care administrator license which were substantially equivalent to those required in this state at the time the other license was issued by the other state; and (b) That the license was issued by the other state at least two (2) years prior to application for endorsement.
(2) The board, in its discretion, may refuse to issue a license to a long-term care administrator possessing a license issued by the proper authorities of any other state, if the applicant for endorsement has been disciplined by the other state's board in the past five (5) years.