1.  A participant may petition the three Nevada State Commissioners for:

(a) An exemption from the requirement prescribed by subparagraph (1) of paragraph (c) of subsection 1 of NRS 397.0645.

(b) An extension of the period for completing the required practice prescribed by subparagraph (2) of paragraph (c) of subsection 1 of NRS 397.0645.

2.  The three Nevada State Commissioners, acting jointly, may after receiving a written petition stating the reasons therefor, grant an exemption to the requirement prescribed by subparagraph (1) of paragraph (c) of subsection 1 of NRS 397.0645 or an extension of the period for completing the required practice prescribed by subparagraph (2) of paragraph (c) of subsection 1 of NRS 397.0645 in accordance with the regulations adopted pursuant to subsection 3.

3.  The three Nevada State Commissioners, acting jointly, shall adopt regulations to carry out the provisions of this section.