(b) The commission may use the temporary licensing process if:

1. (1) The commission determines, after investigation, that the licensing standards in a jurisdiction in which the applicant is licensed are similarly comprehensive, thorough, and provide equal, if not greater, safeguards as provided in The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, or this part and that granting the request is in the public interest;
2. (2) A completed application has been filed by the applicant;
3. (3) The applicant has provided current, updated information to the commission associated with the similar license in the other jurisdiction related to its financial viability and suitability;
4. (4) The applicant has no administrative or enforcement actions pending in another jurisdiction or the applicant has adequately disclosed and explained the action to the satisfaction of the commission; and
5. (5) There are no pending or ongoing investigations of possible material violations by the applicant in another jurisdiction or the applicant has adequately disclosed and explained the investigation to the satisfaction of the commission.