(1) The board may waive the requirement of examination for those holders of certificates or licenses, then in full force and effect issued under the laws of another state and issue a certificate or license and permit to practice upon:

(a) meeting the requirements established under 37-50-302 and 37-50-303 , MCA, and regulations established thereunder.

(b) meeting the requirements established under 37-50-203 (2) (g) , MCA, and the regulations established thereunder.

(c) meeting the requirements established under 37-50-314 , MCA, and the regulations established thereunder.

(2) The board may issue a certificate or license or permit to practice to a holder of a certificate, license or permit issued by another state upon a showing that:

(a) the applicant passed the examination required for issuance of the applicant's certificate with grades that would have been passing grades at the time in this state;

(b) the applicant has had five year's experience in the practice of public accountancy after passing the examination upon which the applicant's certificate was based, within the 10 years immediately preceding the application; and

(c) the applicant's certificate, license or permit was issued more than four years prior to the application for issuance of an initial certificate in this state, that the applicant has fulfilled the requirements of continuing professional education meeting the requirements established under 37-50-314 , MCA, and the regulations established thereunder.

(3) Incomplete applications for licensure or certification or transfer of grades that are older than 12 months, will be considered invalid and void. The applicant will be required to re-apply and pay another fee.