Any person doing business as a livestock dealer must procure from the commissioner an annual license. Application for the annual license or its renewal shall be made on forms provided by the commissioner and accompanied by payment of a license fee set by rule pursuant to §43-1-703. Upon a determination that the applicant is qualified, the commissioner shall issue a license to the applicant, and all annual licenses shall terminate and become void on June 30 in the calendar year following issuance of the license or renewal.