The board may issue a license to an applicant if the applicant has been licensed to practice podiatry in another state or country from which the applicant applies if:

1. 1. The requirements in the other state or country, at the date of registration or licensing, were substantially equal to those then in force in this state.
2. 2. The applicant has lawfully practiced podiatry in the other state or country for at least five years within the seven years immediately preceding the application for a license in this state.
3. 3. The applicant complies with all other requirements set forth in this chapter for a license.