The department may after consultation with the Division of Criminal Justice Services waive background investigation and applicable fees if it determines that the security guard company or a security guard applicant submitting the application has been subject to such a background investigation requirement which meets or exceeds the requirements of article 7 or article 7A of the General Business Law. The department shall not be required to initiate background investigations for applicants who are also employed as police officers or as peace officers, and who have fingerprints on file with the Division of Criminal Justice Services.