All applications for a license to operate a livestock auction agency shall be made in writing to the Animal Industry Board in the form prescribed by the board and shall contain:
(1) The name and addresses of the applicant and all persons having any financial interest in the application and the amount of such interest;
(2) Financial responsibility of the applicant in the form of a statement of assets and liabilities;
(3) A legal description of the property and its location together with a description of the facilities proposed to be used in the operation of such livestock auction agency;
(4) A statement of the facts upon which the applicant relies, the benefits to be derived by the livestock industry and the services proposed to be rendered regularly through the year;
(5) Applicant's experience in the livestock industry including any past operation of a livestock auction agency.