(1) Any person who becomes a resident of Arkansas who has a valid license to carry a concealed handgun issued by a reciprocal state may apply to transfer his or her license to Arkansas by submitting the following to the Division of Arkansas State Police: The person's current reciprocal state license;
(2) Two (2) properly completed fingerprint cards;
(3) A nonrefundable license fee of thirty-five dollars ($35.00);
(4) Any fee charged by a state or federal agency for a criminal history check; and
(5) A digital photograph of the person or a release authorization to obtain a digital photograph of the person from another source.
(6) After July 31, 2007, the newly transferred license is valid for a period of five (5) years from the date of issuance and binds the holder to all Arkansas laws and rules regarding the carrying of the concealed handgun.