If any provision of this part is violated by a limited licensee, the Insurance Commissioner may after notice and a hearing:

1. (1) Revoke or suspend a limited license issued under this part in accordance with the provisions of law; or
2. (2) Impose such other penalties, including suspending the transaction of insurance at specific rental locations where violations of this part have occurred, as the commissioner deems to be necessary or convenient to carry out the purposes of this part.