(a) The Department of Revenue and Taxation shall revoke the business license of any firm if, after a hearing, it determines that the firm:

(1) failed to pay a fine levied pursuant to § 50208 of this
Chapter within ninety (90) days after the fine was levied; or

(2) failed to recover merchandise in accordance with an order issued pursuant to § 50209 of this Chapter within ninety (90) days after the order was issued.

(b) The Department of Revenue and Taxation shall not renew the business license of any business if the business has not paid a fine levied pursuant to this Chapter.