A person who violates any provision of the Portable Electronics Insurance Act may, after notice and hearing, be subject to:
A. fines not to exceed one thousand dollars ($1,000) per violation and not to exceed a total of ten thousand dollars ($10,000); or
B. as the superintendent deems necessary:
(1) suspension of the privilege of transacting portable electronics insurance at specific locations where violations have occurred; or
(2) suspension or revocation of the ability of individual employees or authorized representatives of a vendor to act under the license.