(a) This section does not apply to a person or company that rendered services in connection with a transaction that is exempt under Subchapter A, Chapter 4005, or under a rule adopted by the board under Section 4005.024 if the person or company was not required to be registered by the terms of the exemption.
(b) A person or company may not bring or maintain any action in a court of this state for collection of a commission or compensation for services rendered in the sale or purchase of securities unless the person or company alleges and proves that:
(1) the person or company was:
(A) registered under this title; or
(B) exempt from registration under rules adopted under Section 4004.001; and
(2) the securities sold were registered under this title at the time the alleged cause of action arose.