(1) To receive or maintain a license, each applicant or licensee for an initial or renewal license must satisfy the following requirements: (a) (I) Except as provided in subsection (1)(a)(II) of this section, the applicant or licensee shall furnish the commissioner with evidence of minimum provisional insurance coverage in an amount sufficient to protect the applicant's storage obligations. If, at any time, the commissioner evaluates an applicant's provisional insurance coverage to be insufficient, the commissioner may require such additional insurance as the commissioner considers sufficient. Failure to provide evidence of the additional insurance within thirty days after written notice from the commissioner constitutes grounds for the suspension or revocation of the license. (II) A small-volume commodity handler need not comply with subsection (1)(a)(I) of this section. (b) (I) Except as provided in subsection (1)(b)(III) of this section, the applicant must furnish the commissioner with a financial statement that presents accurately the applicant's or licensee's financial condition. The commissioner may promulgate rules that clearly state the information required from each applicant or licensee under this section. Any financial statement submitted to the commissioner in support of a license application made pursuant to this part 2 is confidential. (II) Whenever the commissioner deems it appropriate, the commissioner may require an applicant for an initial license, an applicant for a renewal of a license, or a licensee to submit a financial statement or an audit prepared by a certified public accountant or any other information the commissioner deems necessary to determine whether the person is in an adequate financial position to carry out the person's duties as a licensee. (III) A small-volume commodity handler need not comply with the financial statement submission requirement set forth in subsection (1)(b)(I) of this section. (2) If a licensee fails to apply for license renewal before an annual date specified by the commissioner by rule, the licensee shall, upon application for a renewal license and before the license is issued, pay a penalty as established by the commission. The penalty is in addition to the license fee.
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