1. (a) A bank or a savings and loan association is entitled to receive a license under this subchapter if the bank or savings and loan association:

   1. (1) is engaging in business under the laws of this state or the United States; and
   2. (2) notifies the department of its intention to operate under this chapter.
2. (b) On receipt of notice under Subsection (a)(2), the department shall immediately issue a license to the bank or savings and loan association.

Added by Acts 2003, 78th Leg., ch. 1274, Sec. 2, eff. April 1, 2005.