A licensed livestock dealer may upon written request to the Department and upon paying the required fee, obtain an agent’s permit for any person whom the dealer wishes to represent him. The Department may refuse to issue or renew or may suspend or revoke an agent’s permit on the same grounds as for refusal to issue, renew, suspend or revoke a dealer’s license. The dealer shall not permit an agent to conduct livestock transactions other than as a part of the dealer’s business and the dealer shall be responsible for all livestock transactions conducted by his agent. An agent may not conduct transactions in his own behalf unless he is licensed as a livestock dealer. An agent’s permit may be renewed by listing the agent’s name and address on the application for renewal license and paying the required fee. The surety bond, trust fund agreement or letter of credit filed by the licensee with the Department shall cover all livestock dealer transactions of the agent.