The board, based on the specific facts of each case, may impose reasonable conditions upon the acceptance of the owner's affidavit for filing if those conditions are related to the promotion of the health, safety, and welfare of any minor children, third persons, or the general public. The board shall refuse to accept any owner's affidavit for filing unless the board is satisfied that:
(1) The owner has complied with the terms of §§ 46-7-5.4 to 46-7-5.11, inclusive;
(2) The dam in question is a privately owned high-hazard dam, constructed prior to January 1, 1990; and
(3) The owner and his immediate family are the only persons residing within the flood plain.