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