An applicant who is a polygraph examiner licensed under the laws of another state or territory of the United States may be issued a license without examination by the board, in its discretion, upon payment of the appropriate fees as provided in Section 34-25-26 and the production of satisfactory proof that:
(1) He is at least 21 years of age;
(2) He is a citizen of the United States;
(3) He is of good moral character;
(4) The requirements for the licensing of polygraph examiners in such particular state or territory of the United States were at the date of the applicant's licensing therein substantially equivalent to the requirements now in force in this state;
(5) The applicant had lawfully engaged in the administration of polygraph examinations under the laws of such state or territory for at least two years prior to the application for license hereunder;
(6) Such other state or territory grants similar reciprocity to license holders of this state; and
(7) He has complied with Section 34-25-23.