(1) Any person, whether a resident or nonresident of this state, who is a fur dealer, or who regularly buys fur-bearing animals from trappers or hunters, shall be required to obtain a license under this section. Application for such license shall be made to any of the officials authorized to issue licenses under Chapter 7 of Title 49, Mississippi Code of 1972. The license fee shall be Fifty Dollars ($50.00) for residents, together with the fee provided in Section 49-7-17. The license shall be good for one (1) year from the date of issuance unless suspended or revoked earlier, and it is renewable upon payment of the fee. The license shall be carried on the person of the holder whenever he is engaged in the business of fur dealer or engaged in buying fur-bearing animals.

(2) Dealers or those persons who regularly buy fur-bearing animals from trappers or hunters are authorized to possess inventories of dried or stretched furs and skins at any time. However, dealers or other fur buyers are authorized to buy, transport, sell or offer for sale inventories of fur for only ninety (90) days beyond the close of the trapping season set by the commission. The commission shall, in its discretion, extend the ninety-day period for buying, transporting, selling or offering for sale inventories of fur.

(3) The commission may require tagging of furs to account for harvest of a species in a specific location. Dealers shall be required to maintain accurate records of purchases. Such dealer records and fur houses shall be open to conservation officers on request for inspection without warrant.

(4) Persons acquiring fur for the sole purpose of tanning, dressing, manufacturing or otherwise preparing finished fur products are authorized to buy, sell, possess and transport inventories of fur and finished fur products at any time for these and related purposes.