In addition to the other requirements of this chapter, each application for a license, except for an application for a cash buying processor license, shall include an affidavit in which the applicant affirms that he or she is current in making all payments required under undisputed contract agreements, and that he or she will do all of the following:

1. (a) Abide by all provisions of this chapter and Chapter 7 (commencing with Section 56101).
2. (b) Prepare and retain financial records adequate to document all transactions with suppliers.

3. (c) Prepare and retain current financial information, including, but not limited to, profit and loss statements and a balance sheet that presents fairly the financial condition as of the end of the applicant’s most recent fiscal year.

   The affidavit shall be on a form prescribed by the secretary and shall be submitted under penalty of perjury.