(a) Subject to the provisions of this section, the Commission may waive the examination requirements of this subtitle for an individual who is certified to provide certified real estate appraisal services in another state.
(b) The Commission may grant a waiver under this section only if the applicant:
(1) pays to the Commission the application fee set by the Commission under § 16–505 of this subtitle; and
(2) provides adequate evidence that the applicant:
(i) is certified by a state that is in compliance with Title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as determined by the Appraisal Subcommittee of the federal Financial Institutions Examinations Council;
(ii) holds a valid certificate issued by that state; and
(iii) was certified in the other state after meeting, in that state, requirements that are substantially equivalent to or exceed the certification requirements of this State.