1. Except as provided in subsection 2, the commissioner may suspend or revoke the license of a warehouseman for cause upon notice and hearing.
2. Notwithstanding any other provision of this chapter, the commissioner immediately shall suspend the license of a warehouseman for failure at any time to have or to maintain either a bond or insurance policy in the amount and type required.
3. During a license suspension, the warehouseman, upon the commissioner's approval, may operate the warehouse and purchase or redeliver grain previously received, but may not receive additional grain for purchase, storage, shipping, or processing. The warehouseman may sell grain only with the prior approval of the commissioner.