The failure of any holder of a certificate or permit issued by and under the authority of the commission, to comply with any of the requirements of Section 77-7-83 shall be cause for the revocation or suspension of the certificate or permit, or for the imposition of a fine not exceeding One Thousand Dollars ($1,000.00), or both. Failure of any holder of a certificate or permit issued by and under the authority of the Interstate Commerce Commission, to keep on file with the commission the insurance or other security provided by Section 77-7-87, shall be cause for prohibition of the use by the certificate or permit holder of any highway in this state, and shall be cause for the imposition of a fine not to exceed One Thousand Dollars ($1,000.00).
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