(1) The financial statement accompanying an applicant's original application shall show a statement closing date that is within six months of the date of application. Thereafter, the licensee applying for renewal shall submit an annual statement not later than 90 days after the close of his business year.

(2) If the financial statement indicates noncompliance with the financial requirement provisions of the grain act or the licensee fails to submit an acceptable financial statement within 90 days of the end of his fiscal year end, then the department may immediately suspend his license pursuant to the Administrative Procedure Act.