The commissioner of agriculture and commerce is hereby authorized, empowered and directed to promulgate proper rules and regulations for the issuance of the license and for the renewal thereof, and for the preparation of the proper forms to be used, and the commissioner shall, to the best of his ability, inquire into the financial responsibility of every applicant for license and shall diligently endeavor to determine such applicants’ business reputation. Should the investigation made by the commissioner indicate insolvency of the applicant and such applicant is unable to establish the proof of his financial responsibility by furnishing proper credit references and financial statements, he may furnish to the commissioner copies of any contracts he may have with other allied and related businesses that would justify the commissioner in issuing the license. Otherwise, the commissioner shall not issue the license to any person who cannot reasonably establish his financial responsibility to carry out any contract he may propose to enter into.
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