The Commission may waive the examination requirement and issue a reciprocal license or certificate to an individual, if the individual:
A. Holds a valid license or certificate in another state;
B. Became licensed or certified in the other state after meeting, in that state, licensing or certification requirements which are substantially equivalent to or exceed the Maryland requirements for an equivalent license or certificate;
C. Is licensed or certified by a state that is in compliance with Title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as determined by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council;
D. Files an application for a reciprocal license or certificate and, if the applicant is a nonresident, executes an irrevocable consent to service of process specifying that service of process on the Secretary of State is binding on the applicant in any legal action concerning the provision of appraisal services; and
E. Pays the fee required by COMAR 09.19.07.01D.