The South Carolina Board of Medical Examiners shall review and issue, at the board's discretion and subject to the provisions in this subsection, a license to practice medicine to an applicant who has passed all required examinations, irrespective of the number of times an exam was taken or the time frame within which the applicant successfully passed the examinations, if the applicant otherwise qualifies for licensure; and

1. (1) has been licensed to practice medicine in another state in the United States;
2. (2) has not had his license revoked, suspended, or restricted in this State or another state and has no disciplinary matters pending in this State or any other state;
3. (3) holds certification by a specialty board recognized by either the American Board of Medical Specialties or the American Osteopathic Association; and
4. (4) has undertaken to establish himself in a rural area of this State.