Subject to the limitations of this section, the Board may waive the examination requirements of Part III of this subtitle for an individual who is licensed to perform elevator installation, alteration, repair, or service work in another state or a subdivision of another state. The Board may grant a waiver under this section only if the applicant: pays to the Board the appropriate application fee required by Part III of this subtitle; and provides adequate evidence that the applicant: meets the qualifications otherwise required by Part III of this subtitle; holds an active license in good standing in the other state or subdivision that is equivalent to a license in this State; and became licensed in the other state or subdivision after passing an examination that is similar to the examination for which the applicant is seeking the waiver. The Board may grant a waiver only if the state or subdivision in which the applicant is licensed waives the examination of licensees of this State to a similar extent as this State waives the examination requirements for individuals licensed in that state or subdivision.