If a vendor of portable electronics or its employees or authorized representative violates any provision of this section, the commissioner, after opportunity for hearing, which hearing may be waived, may do any of the following:
(1) Impose fines not to exceed five hundred dollars ($500) per violation or five thousand dollars ($5,000) in the aggregate for such conduct.
(2) Impose other penalties that the commissioner deems necessary and reasonable to carry out the purposes of this chapter, including:
a. Suspending the privilege of transacting portable electronics insurance pursuant to this section at specific business locations where violations have occurred.
b. Suspending or revoking the ability of individual employees or authorized representatives to act under the license.
c. Suspending or revoking the vendor's limited lines insurance producer license.