(1) If a farm warehouseman is convicted of any crime involving fraud or deceit, or if the commissioner determines that any farm warehouseman has violated any of the provisions of this chapter, or any of the rules and regulations adopted by the commissioner pursuant to this chapter, the commissioner may, at his discretion, suspend, cancel or revoke the license of such farm warehouseman.

(2) All proceedings for the suspension, cancellation or revocation of licenses shall be before the commissioner, and the proceedings shall be in accordance with rules and regulations which shall be adopted by the commissioner. No license shall be cancelled or revoked, except after a hearing before the commissioner, upon reasonable notice to the licensee and an opportunity to appear and defend. The commissioner may temporarily suspend the license of a licensee for good and reasonable cause before notice or hearing, and the licensee shall be entitled to a hearing on such temporary suspension without undue delay. Whenever the commissioner shall suspend, cancel or revoke any license, he shall prepare an order so providing which shall state the reason or reasons for such suspension, cancellation or revocation. The order shall be sent, by certified mail, by the commissioner to the licensee at the address of the farm warehouse licensed. Within thirty (30) days after the mailing of the order, the licensee, if dissatisfied with the order of the commissioner, may appeal to the chancery court of the county where the farm warehouse is located by filing a written notice of appeal alleging the pertinent facts upon which such appeal is grounded. At the time of the filing of the appeal, the appellant shall give a bond for costs conditioned upon his prosecution of the appeal without delay and payment of all costs assessed against him. Appeal may be with supersedeas and shall be subject to the provisions of Section 11-51-31.

(3) In case a license issued to a farm warehouseman expires or is suspended, revoked or cancelled by the commissioner or his designated representative, such license shall be immediately returned to the commissioner and the farm warehouseman shall forthwith comply with the provisions of Section 75-43-51.