The department is authorized, upon application to it, to issue or renew to any warehouseman a license for the conduct of a warehouse or warehouses in accordance with this chapter and such rules as may be made hereunder, providing the following conditions are met:
(1) Each person, as a condition precedent to operating a warehouse in this state, shall file and maintain satisfactory evidence with the director of the existence of an effective policy of insurance issued by an insurance company authorized to do business in this state, insuring all agricultural commodities that may be stored or accepted for storage on the premises, including commodities owned by the warehouseman, for which such license is sought for the full market value of such agricultural commodities against loss by fire, internal explosion, lightning or tornado;
(2) That each warehouse be found suitable for the proper storage of the particular agricultural commodity or commodities for which a license is requested;
(3) A license fee is submitted to the department as prescribed by section 69-211, Idaho Code;
(4) A current drawing of the warehouse which shows storage facilities and the capacity calculations of the warehouse which indicates commodity and seed crop storage areas, shall be approved by the department;
(5) A sufficient and valid bond is filed and maintained as required by section 69-208, Idaho Code;
(6) The applicant shall submit to the department an audited or reviewed financial statement prepared by an independent certified public accountant or licensed public accountant showing that the licensee has and does maintain current assets equal to or greater than current liabilities, a statement of current assets and current liabilities, and a statement of net worth, all of which shall be prepared in accordance with generally accepted accounting principles;
(7) For a warehouseman license an applicant shall have and maintain a net worth of at least fifty thousand dollars ($50,000) or maintain a bond in the amount of two thousand dollars ($2,000) for each one thousand dollars ($1,000) or fraction thereof of net worth financial requirement; however, a person shall not be licensed as a warehouseman if the person has a net worth of less than twenty-five thousand dollars ($25,000). A bond submitted for purposes of this subsection shall be in addition to any bond otherwise required under the provisions of this chapter;
(8) The applicant has complied with and abided by all the terms of this chapter and the rules prescribed hereunder;