Any person currently holding an embalmer's license or a funeral director's license or any funeral establishment holding a license on March 3, 1983, shall not be required to make application for, or submit to, an examination, but shall be entitled to a renewal of such a license, upon the same terms and conditions as are herein provided for the renewal of licenses of those who may be licensed after March 3, 1983, and such rules and regulations as the State Board of Embalmers and Funeral Directors may adopt in pursuance of this subchapter and § 17-29-201 et seq.