(1) Any person who shall engage in the business of financing insurance premiums in this state without obtaining a license as provided by KRS 304.30-030(1) shall, upon conviction by a court of competent jurisdiction, be guilty of a misdemeanor and shall be subject to a fine of not more than one thousand dollars ($1,000) or be imprisoned not more than one (1) year, or both.
(2) In lieu of or in addition to revoking or suspending the license of an insurance premium finance company for any of the causes enumerated in KRS 304.30-050, after a hearing as provided in KRS 304.30-050 the commissioner may subject such company to a penalty of not more than one thousand dollars ($1,000) for each offense.