The deputy director shall issue a license to operate a collection agency to a person who holds and presents with the person's application a valid and subsisting license to operate a collection agency issued by another state or an agency of another state if:

1. 1. Requirements for securing the license were, at the time of issuance, substantially the same or equal to requirements imposed by this chapter.
2. 2. The state concerned extends reciprocity under similar circumstances to licensed collection agents of this state.
3. 3. The application is accompanied by the fees and financial and bonding requirements set forth in this chapter.