Upon receipt of a fee as set by the board in rule, the board may, in its discretion, grant a license without examination to any applicant who:
(1) Holds a valid license issued by another state or the District of Columbia and has substantially met the qualifications for licensure in this state; or
(2) Furnishes satisfactory proof that the applicant has continuously and lawfully engaged in the occupation or practice for which a license is applied for a period of at least five (5) years immediately preceding the date of application.