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(a) A person may not engage in check cashing or advertise, solicit, or hold itself out as providing check cashing for which the person receives at least $500 within a 30-day period unless the person:
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(1) is licensed under this subchapter;
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(2) is licensed for money transmission under subchapter 2 or approved to engage in money transmission under section 517;
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(3) is licensed for currency exchange under subchapter 4;
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(4) is an authorized delegate of a person licensed under subchapter 2; or
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(5) is an authorized delegate of a person approved to engage in money transmission under section 517.
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(b) A license under this subchapter is not transferable or assignable.