(a) A person may not engage in authorized delegate activities or advertise, solicit, or hold itself out as serving as an authorized delegate for a money transmission check cashing or currency exchange for which the person receives revenues equal or greater than five percent of total revenues unless the person meets one of the criteria in paragraphs (1) through (3) of this subsection. The person must be:
(1) licensed under this subchapter;
(2) an authorized delegate of a person licensed under subchapter II of this chapter; or
(3) an authorized delegate of a person approved to Engage in money transmission under section 517.
(b) A license under this subchapter is not transferable or assignable.