An applicant who is a polygraph examiner licensed under the laws of another state or territory of the United States may be issued a two-year license by the Director of the Division of Arkansas State Police upon the production of satisfactory proof that the applicant:
(1) Meets the requirements of §§ 17-39-202 and 17-39-204.
(2) The director may waive the requirements of § 17-39-202(3) and (4) for the licensing of polygraph examiners from a particular state or territory of the United States when, at the date of the applicant's licensing in that state, the license is substantially equivalent to the requirements now in force in this state;
(3) Has paid the fee under § 17-39-207(a)(1); and
(4) Had been actively and lawfully engaged in the administration of polygraph examinations under the laws of that state or territory for at least two (2) years before his or her application was submitted for a license under this subchapter and subchapter 1.