Subject to the provisions of this section, the Board may waive any examination requirement of this subtitle for an individual who is licensed to practice as a cosmetologist or a limited practice cosmetologist in another state. The Board may grant a waiver under this section only if the applicant: pays to the Board an application fee established by the Board in accordance with § 5-205 of this title; and provides adequate evidence that the applicant: meets the qualifications otherwise required by this subtitle; and became licensed in the other state after passing, in that or any other state, an examination that is at least equivalent to the examination for which the applicant is seeking a waiver.