A person licensed by another state to engage in currency transmission business activity in that state may engage in currency transmission business activity with or on behalf of a resident to the same extent as a licensee if:

(1)  The department determines that the state in which the person is licensed has in force laws regulating currency transmission business activity that are substantially similar to, or more protective of rights of users than, this chapter and enters into a reciprocity agreement with the other state that the state will allow reciprocal licensing of persons licensed under this chapter.

(2)  An application under this section is filed with the registry and the applicant shall notify the department in a record that the applicant has submitted the application to the registry and shall submit to the department:

(i)  A certification of license history from the agency responsible for issuing a license in each state in which the applicant has been licensed to conduct currency transmission business activity;

(ii)  A nonrefundable reciprocal licensing application fee in the amount required by § 19-14-4;

(iii)  All other information requested by the department in the application for licensure on the registry.