If the commission approves the application and bond, it shall issue a permit authorizing said applicant to engage in business as a bonded distributor of special fuel, and the permit shall not be assignable or otherwise transferable. Permits may be revoked for any single business location or all such locations by the commission at any time upon ten (10) days’ written notice, if the distributor shall fail to pay the special fuel taxes and penalties due within the time provided by law, or shall fail in any way to comply with all of the provisions of this article, but the cancellation shall not relieve said distributor of special fuel or his sureties from liability on his distributor of special fuel bond. No permit shall be issued to any applicant who is in arrears or default to this state, or any subdivision thereof, for any taxes.
All bonds issued under the provisions of the other motor fuel tax law and the oil tax law in effect prior to July 1, 1999 shall remain in full force and effect and all references in such bonds to oil and/or other motor fuel shall mean special fuel.
All permits issued under the provisions of the other motor fuel tax law and the oil tax law in effect prior to July 1, 1999 shall remain in full force and effect and all references on said permits to oil and/or other motor fuel shall mean special fuel.