1. Except as otherwise provided in subsection 2, a licensee shall report to the Board within 30 days the revocation, suspension or surrender of, or any other disciplinary action taken against, a license, certificate or registration to practice any occupation or profession issued to the licensee by another state or territory of the United States, the District of Columbia or a foreign country.
2. A licensee is not required to report to the Board an administrative fine imposed against the licensee by a regulatory board or other equivalent administrative body of another state or territory of the United States, the District of Columbia or a foreign country if:
(a) The National Practitioner Data Bank contains no corresponding report of the administrative fine; and
(b) The regulatory board or administrative body that imposed the administrative fine did not issue an order of formal disciplinary action relating to the act or acts which served as the basis for the fine.