A person before engaging in the business of buying milk or cream for the purposes specified in section 4:12-2 of this Title shall, annually on or before June first, file an application and ten dollars ($10.00) license fee with the secretary for a license to transact such business. The application shall state:
a. The nature of the business;
b. The full name of the applicant, and, if the applicant is a firm or association, the full name of each member thereof;
c. The municipality and street number at which the business is to be conducted; and
d. Such other facts as the secretary shall prescribe.
The applicant shall further satisfy the secretary of his character, financial responsibility and good faith in seeking to engage in such business.