Any person, sole proprietor, partnership, or corporation holding a valid elevator or fixed guideway system license from a state that has licensing, educational, and experience requirements substantially equal to or greater than those of KRS 198B.400 to 198 B.540, and which grants licensing privileges to persons licensed in this state, may be issued an equivalent license in this state upon terms and conditions determined by the department. The terms and conditions shall be promulgated as an administrative reg ulation by the department.
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