A public adjuster that receives, accepts, or holds funds on behalf of an insured shall deposit the funds into a trust account within a federally insured depository institution that:
(1)
(a) has a branch in this state, if the public adjuster depositing the money is a resident licensee;
(b) has a branch in the public adjuster's home state, if the public adjuster is a nonresident licensee; or
(c) has a branch where the loss occurred; and
(2) the depository institution's primary regulator authorizes to engage in trust business.