Subject to the provisions of this section, the Board may waive any examination requirement of this title for an applicant who is licensed to practice pharmacy in any other state, if that state grants a similar waiver to licensees of this State. The Board may grant a waiver under this section only if the applicant: Is of good moral character; Pays the application fees set by the Board; and Provides adequate evidence that the applicant: Meets the qualifications otherwise required by this title; and Became licensed or registered in the other state to practice pharmacy only after passing an examination that is approved by the Board. The Board shall adopt by regulation an examination to be administered to applicants who are licensed to practice pharmacy in any other state.