Any person coming under the provisions of this chapter and desiring to utilize the provisions thereof shall file with the Mississippi Department of Agriculture and Commerce, an application for a license, stating the legal description of the land, the location of the building or buildings, the material of which they are made, the name or names of the owners thereof, and such further information as the commissioner, by regulation, requires. If it appears from such application that the building or buildings are suitable structures in which to store grain, and upon satisfaction of the provisions of this section, Sections 75-43-29 through 75-43-33, and any applicable regulations, the commissioner shall issue a license to the applicant which designates such building or buildings as farm warehouses, and which authorizes the applicant to operate the farm warehouse under this chapter and receive warehouse receipts for his own grain stored in the warehouse pursuant to this chapter. This license shall be good for one (1) year, and it is renewable upon compliance with this chapter.