The commission, in its discretion, upon petition of an applicant for renewal of a license, or upon its own initiative, may grant a waiver of any physical standards required for a license to act as a security officer or supervisory security officer where such petition shows and the commission finds that:
(a) the petitioner's employer joins in the petition, is satisfied with the petitioner's services, and will continue to employ petitioner;(b) the petitioner is physically capable of satisfactorily performing the duties of a security officer or supervisory security officer; and(c) the petitioner was employed by said employer for a minimum of 500 hours during the preceding year.N.Y. Comp. Codes R. & Regs. Tit. 21 § 5.7