The Director of the Department of Consumer and Business Services shall waive any requirement for a nonresident insurance producer license applicant with a valid resident insurance producer license from the applicant’s home state, except the requirements imposed by ORS § 744.063, if the applicant’s home state grants nonresident insurance producer licenses to residents of this state on the same basis. [2001 c.191 § 18; 2003 c.364 § 21]