(a) The Arkansas State Medical Board may grant a graduate license to an applicant who meets the qualifications for licensure, except that the applicant has not yet taken the national certifying examination or the applicant has taken the national certifying examination and is awaiting the results.
(b) A graduate license is valid:
(1) For one (1) year from the date of issuance;
(2) Until the results of an applicant's examination are available; or
(3) Until the board makes a final decision on the applicant's request for licensure,
(c) The board may extend a graduate license upon a majority vote of the board members for a period not to exceed one (1) year. Under no circumstances may the board grant more than one (1) extension of a graduate license.
(d) A temporary license may be granted to an applicant who meets all the qualifications for licensure but is awaiting the next scheduled meeting of the board.
whichever comes first.