To the extent that other states which provide for licensing and certification of any security officer, armed security officer, or contract security company provide for similar action for citizens of this state, the board may grant a license or certification to a nonresident or out-of-state contract security company who holds a valid license or certification of the same type from another state upon satisfactory proof furnished to the board that the standards of licensure or certification in the other state are equivalent or substantially similar to those prevailing in this state.