Except as otherwise provided in this section, the Commissioner shall waive the license requirements for an applicant who is not a resident of the State if: the applicant has a valid public adjuster license from the home state of the applicant; and the home state of the applicant awards nonresident public adjuster licenses to residents of the State on the same basis. If neither the state where the public adjuster maintains a principal place of residence nor the state where the public adjuster maintains a principal place of business has a law governing public adjusters substantially similar to this subtitle, the public adjuster may declare another state where the public adjuster is licensed and acts as a public adjuster to be the public adjuster’s home state for purposes of this subtitle. Unless denied a license under § 10–410 of this subtitle, a person who is not a resident of the State may obtain a nonresident license to act as a public adjuster if: the person currently is licensed as a resident public adjuster and in good standing in the person’s home state; the person files an application on the form that the Commissioner provides; the person has paid the applicable fee pursuant to § 2–112 of this article; and the person’s home state awards nonresident public adjuster licenses to residents of this State on the same basis. A person who is not a resident of this State and whose home state does not issue a public adjuster license must meet the license requirements of §§ 10–404 and 10–405 of this subtitle.