Subject to the provisions of this section, the Commission may waive the examination requirements of this subtitle for an individual who is licensed to provide real estate appraisal services in another state. The Commission may grant a waiver under this section only if the applicant: pays to the Commission the application fee set by the Commission under § 16–303 of this subtitle; and provides adequate evidence that the applicant: is licensed 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 Examinations Council; holds a valid license issued by that state; and became licensed in the other state after meeting, in that state, requirements that are substantially equivalent to or exceed the licensing requirements of this State.