No licensee shall sell in this state any payment instruments other than payment instruments issued by it. However, this section shall not be deemed to prohibit: (a) Any licensee that is an agent of another licensee, from selling payment instruments issued by such other licensee; or (b) Any licensee that is an agent of a person referred to in subdivision (a) of Section 33100, from selling payment instruments which are issued by such person and which such person is permitted to sell under the paragraph of Section 33100(a) applicable to such person.
