1. (a) The Superintendent of Banks may take action that is necessary or appropriate to enforce this chapter and to protect motor vehicle value protection contract holders in this state. After notice and a hearing, the superintendent may do both of the following:

   1. (1) Order the provider, administrator, or any other person not in compliance with this chapter to cease and desist from further actions related to motor vehicle value protection agreements that are in violation of this chapter.
   2. (2) Impose a penalty of not more than five hundred dollars ($500) per violation and no more than ten thousand dollars ($10,000) in the aggregate for all violations of similar nature. For purposes of this chapter, a violation shall be considered to be of a similar nature if the violation consists of the same or similar course of conduct, action, or practice, irrespective of the number of times the action, conduct, or practice which is determined to be a violation of the chapter occurred.
2. (b) This section shall not apply to motor vehicle value protection agreements offered in connection with a commercial transaction.

(Act 2022-179, §2.)