Subject to the provisions of this section, the Board may issue a license by endorsement and waive the examination requirement of this subtitle for an individual who is licensed to practice electrology in another state. The Board may issue a license by endorsement under this section only if the applicant: Pays the license fee required by the Board; and Provides adequate evidence that the applicant: Meets the qualifications otherwise required by this subtitle; Became licensed in the other state after passing in that state, or any other state, an examination that is substantially equivalent to an examination approved by the Board; and Became licensed in the other state after meeting requirements that are substantially equivalent to the requirements of this subtitle.