(1) All persons subject to this part shall retain records, including, but not limited to, shipping papers, of all petroleum products transactions for a period of three (3) years after December 31 of the year in which the transaction occurred.
(2) Persons operating terminals, refineries and bulk plants shall retain these records on site for a period of ninety (90) days following the month of the transaction.
(3) Retail stations shall retain these records on site for a period of thirty (30) days following the month of the transaction.
(4) The commissioner may revoke the license or licenses of and assess a civil penalty in the amount of five thousand dollars ($5,000) against a person who fails to comply with this section.