(b) The parole board shall promulgate guidelines that effectuate the purpose of this section, which is to provide a mechanism for eliminating supervision on parole, in deserving cases, consistent with the rehabilitative and reentry needs of the parolee and the promotion of public safety. In determining whether to grant early termination from supervision, the parole board shall consider its guidelines and promulgate new guidelines so as to effectuate the purpose of this section, which is to provide a mechanism for eliminating supervision on parole, in deserving cases, consistent with the rehabilitative and reentry needs of the parolee and the promotion of public safety. Termination of supervision is indicated if the parolee:
(1) Has been on supervised parole for the required period;(2) Has observed all the laws within and without the state;(3) Has been employed and remains employed at the time of the request; and(4) Has completed seven (7) continuous years of supervision and is free from an incident of new criminal behavior or serious parole violation.