(1) No person, firm, or corporation engaged in the business of financing the purchase of real or personal property or of lending money on the security of real or personal property and no trustee, director, officer, agent, or other employee of any person, firm, or corporation engaged in the business of financing the purchase of real or personal property or of lending money on the security of real or personal property shall directly or indirectly require that a borrower pay a consideration of any kind to substitute the insurance policy of one (1) insurer for that of another insurer.
(2) Any violation of a provision of this section constitutes a violation, and upon conviction the violator shall be fined in any sum not less than one hundred dollars ($100) nor more than five hundred dollars ($500) for each offense.