1. Before a person may transact business as a livestock dealer, the person must be licensed by the agriculture commissioner.
2. This section does not apply to:
a. A packing plant, provided the plant's annual purchases of cattle, goats, hogs, horses, mules, or sheep do not exceed five hundred thousand dollars; or b. The purchase of cattle, goats, hogs, horses, mules, or sheep:
(1) By a livestock cooperative from a member of the cooperative; or (2) By one member of a livestock cooperative from another member.