| (a) A premium finance license is required if a person: (1) makes loans by entering into premium finance agreements with insureds and prospective insureds; (2) acquires premium finance agreements from insurance agents, brokers, or other premium finance companies; or (3) holds premium finance agreements made and delivered by insureds payable to the person or his order. (b) A premium finance license is not required if a person is a properly licensed local recording agent and finances premiums in accordance with the Insurance Code, Article 24.20.
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