Sec. 501. (a) A person may not:
(1) engage in the business of money transmission; or
(2) advertise, solicit, or hold itself out as providing money transmission;
unless the person is licensed under this chapter.
(b) Subsection (a) does not apply to:
(1) a person that is:
(A) an authorized delegate of a person licensed under this chapter; and
(B) acting within the scope of authority conferred by a written contract with the licensee; or
(2) a person that is exempt under section 301 of this chapter and does not engage in money transmission outside the scope of the exemption.
(c) A license issued under section 505 of this chapter is not transferable or assignable.