The fee to be paid by each applicant for a permit shall be equivalent to 1 1/2 percent of the estimated cost of such operation, such cost to be estimated by the Director from the evidence available to the Director. The fee is due and payable to the Director as of the date of the issuance of the permit, but if the applicant is able to give to the Director satisfactory security for the payment of the balance, the applicant may be permitted to commence the operation, and a permit may be issued therefor, upon the payment of not less than 50 percent of the fee. The balance due shall be paid within 3 months from the date of the termination of the operation as prescribed in the permit. Failure to pay a permit fee as required is grounds for suspension or revocation of the license of the delinquent permit holder and grounds for refusal to renew the license or to issue any further permits to such person.