(1) Any person coming under the provisions of this chapter and desiring to utilize the provisions thereof shall file with the Mississippi Department of Agriculture and Commerce, an application for a license, stating the legal description of the land, the location of the building or buildings, the material of which they are made, the name or names of the owners thereof, and such further information as the commissioner, by regulation, requires. If it appears from such application that the building or buildings are suitable structures in which to store grain, and upon satisfaction of the provisions of this section, Sections 75-43-29 through 75-43-33, and any applicable regulations, the commissioner shall issue a license to the applicant which designates such building or buildings as farm warehouses, and which authorizes the applicant to operate the farm warehouse under this chapter and receive warehouse receipts for his own grain stored in the warehouse pursuant to this chapter.

This license shall be good for one (1) year, and it is renewable upon compliance with this chapter.

(2) No person shall operate a farm warehouse as defined by this chapter without first having obtained a license pursuant to this chapter.

(3) Applications for licenses under this chapter are to be made on forms prescribed by the commissioner for each separate warehouse or, if an applicant owns more than one (1) warehouse at any one (1) location, which does not exceed eight (8) miles in distance, then all the warehouses at that location may be included in one (1) application.

(4) Prior to the issuance of a license, every applicant shall pay an annual license fee based upon the capacity of the warehouse, such fee to be determined by the commissioner, but not to exceed fifty dollars ($50.00).

(5) If a farm warehouseman desires to renew his license for an additional year, application for such renewal shall be made on a form prescribed by the commissioner. At least sixty (60) days prior to the expiration of each license, the commissioner shall notify each farm warehouseman of the date of such expiration and furnish such farm warehouseman with the renewal form.

(6) Upon satisfactory proof of the loss or destruction of a license issued to a farm warehouseman, a duplicate thereof or a new license may be issued under the same number.