A person before engaging in the business of buying milk or cream for the purposes specified in section 4:12-2 of this Title shall, annually on or before June first, file an application and ten dollars ($10.00) license fee with the secretary for a license to transact such business. The application shall state:
The applicant shall further satisfy the secretary of his character, financial responsibility and good faith in seeking to engage in such business.
N.J.S. § 4:12-3