A permit shall be issued to any qualified applicant therefor authorizing, in whole or in part, the operations covered by the application, if it shall appear, after a hearing, that the applicant is fit, willing, and able properly to perform the services of a contract carrier by motor vehicle; and to conform to the provisions of this chapter and the requirements, rules, and regulations of the administrator made thereunder; and that the proposed operation, to the extent authorized by the permit, will be consistent with the public interest; otherwise, the application shall be denied. Permits issued under this chapter shall be renewed before the close of business on December 31 of each calendar year. The renewal fee shall be one hundred dollars ($100) and shall be submitted with the renewal form. All revenues received under this section shall be deposited as general revenues. The administrator shall specify in the permit the business of the contract carrier covered thereby and the scope thereof; and he or she shall attach to it at the time of issuance, and from time to time thereafter, such reasonable terms, conditions, and limitations consistent with the character of the holder as a contract carrier, as the public interest may require, but may in no way limit the number of contracts that the contract carrier may hold under the permit. The contract carrier shall have the right to substitute or add to his or her or its equipment and facilities as the development of the business may require.