A license may, at the discretion of the board, be issued without examination to any person who:

(1) Holds a current license authorizing him or her to practice podiatric medicine in another state or country; provided, however, the state or country has statutory requirements substantially equal to or exceeding those of this chapter;

(2) Otherwise substantially meets all requirements for a license issued by the board;

(3) Is not disqualified to receive a license under the provisions of Code Section 43-35-16; and

(4) Pays the required fee to the board.