Sec. 3. If the committee determines that:
(1) an individual possesses a valid license from another jurisdiction authorizing the individual to perform acts for which a license is required under this chapter; and
(2) the jurisdiction issuing the license imposes requirements on license applicants that are substantially equal to the requirements imposed on applicants for an Indiana license;
the committee may issue to the individual, upon payment of the licensure fee, a license to perform in Indiana the acts referred to in subdivision (1).