The holder of a permit may apply for renewal and the renewal shall be issued on the basis of the following requirements and written findings by the commission that:
(1) the terms and conditions of the existing permit are being satisfactorily met;
(2) the performance bond or substitute collateral required under the terms of this chapter will continue in full force and effect and unimpaired for the requested renewal, revision, or transfer;
(3) the operator has provided additional or revised information as required by the commission; and
(4) notice under Section 131.159 of this code has been provided with respect to the application for renewal, revision, or transfer.