A person who is licensed or credentialed under the laws of another state or territory of the United States as a private investigator may apply for a credential as a private investigator in this state upon production of satisfactory proof that:
(1) The other state or territory grants similar reciprocity to credential holders of this state that coincides with the records on private investigator credential reciprocity maintained by the Division of Arkansas State Police;
(2) The requirements for licensing or credentialing in the particular state or territory were at the date of the applicant's most recent licensing or credentialing substantially equivalent to the requirements now in effect in this state;
(3) The applicant meets all the qualifications for the credential as set out in this chapter, including the successful completion of a state and national criminal background check; and
(4) The applicant meets other reasonable qualifications as may be adopted by the Director of the Division of Arkansas State Police.