(1) The financial statement accompanying an applicant's original application must show a statement closing date that is within six months of the date of application. Thereafter, the licensee applying for renewal must submit an annual statement no later than 120 days after the close of their business year.

(2) If the financial statement indicates noncompliance with the financial requirement provisions of the grain act or the licensee fails to submit an acceptable financial statement within 120 days of the end of their fiscal year end, the department may immediately suspend their license pursuant to the Administrative Procedure Act, issue a fine, and/or make the license conditional on the paperwork arriving at a specified time.