(a) A person that is licensed to engage in money transmission in at least one other state, with the approval of the Director and in accordance with this section, may engage in money transmission and check [cashing] or currency exchange or both in this state without being licensed pursuant to section 511 if:
(1) the state in which the person is licensed has enacted the Uniform Money Services Act or money transmission laws that are substantially similar to those imposed by the law of the United States Virgin Islands, as determined by the Director;
(2) the person submits to the Director:
(A) in a record a request for the approval to engage in money transmission and check cashing or currency exchange or both in this state without being licensed pursuant to section 511;
(B) a non refundable fee of $1,000;
(C) an application form; and
(D) a certification of license history.
(b) Before granting a person approval to engage in money transmission and check cashing or currency exchange or both in this state without being licensed pursuant to section 511, the Director shall make such considerations, determinations, and findings as required by rule or regulation.
(c) When an application for approval under this section is complete, the Director shall notify the applicant in a record of the date on which the request was determined to be complete and:
(1) the Director shall approve or deny the request within 120 days after that date; or
(2) if the request is not approved or denied within 120 days after that date:
(A) the request is approved; and
(B) the approval under this section takes effect as of the first business day after expiration of the period.
(d) A person that engages in money transmission and check cashing or currency exchange or both in this state pursuant to this section shall comply with the requirements of, and is subject to the sanctions under this chapter as if the person was licensed pursuant to section 511.