Subject to the provisions of this section, the Board may issue a license by reciprocity to practice engineering in this State to an individual who is currently licensed to practice engineering in another state or territory of the United States or in a foreign country. The Board may issue a license under this section only if the applicant: is of good character and reputation; pays to the Board: a nonrefundable application fee set by the Board; and a license fee set by the Board; and provides adequate evidence that: at the time the applicant was licensed by the other state, territory, or foreign country, the applicant met requirements that were equivalent to those then required by the laws of this State; or at the time of application for licensure by reciprocity under this section, the applicant meets the requirements currently required by the laws of this State. An engineer who is licensed by the Board by reciprocity may not be required to maintain licensure in any other state, territory, or foreign country as a condition of maintaining the license granted by the Board.