(a) The Board may issue a license without examination to an applicant who has satisfied to the Board that the applicant has passed an examination and is or has been licensed or registered under the laws of another state, territory, or political subdivision of the United States, whose standards, in the opinion of the Board, are the substantial equivalent of the requirements of section 533, and whose license has not been suspended or revoked by the licensing jurisdiction.
(b) An applicant for licensure under this section is only eligible for licensure at the equivalent designation recognized in the jurisdiction in which the applicant for a license by endorsement is currently licensed.