After approval of an application and on receipt of the required license fee, the department shall:

1. (1) issue a license authorizing the license holder to engage in business as an insurance premium finance company at the location specified in the license holder's application; and
2. (2) send the license to the applicant.

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