(a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person meets one of the following requirements:

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Terms Used In Alabama Code 8-7A-5

(1) Is licensed under this chapter.
(2) Is an authorized delegate of a person licensed under this chapter.
(b) A license under this chapter is not transferable or assignable.
(c) Persons licensed and in good standing pursuant to Chapter 7 of this title, on August 1, 2017, shall retain the license issued pursuant to that chapter without interruption until their next licensing renewal date.
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