(1) No person shall engage in the business of being a market agency without having first obtained a license from the department. Application for a license shall be made on a form provided by the department and accompanied by a fee of ten dollars ($10), payable to the Kentucky State Treasurer. The license shall expire on December 31 and shall be renewed annually.
(2) The terms and conditions for the licensure of market agencies shall be established by administrative regulation promulgated by the department.
(3) If the department determines that a person is required to be licensed both as a dealer and a market agency, then that person shall be required to pay for only one (1) license, but shall be required to obtain both licenses and comply with the requirements of both licenses.