(a) General rule. The commissioner may revoke or suspend the license of any insurance premium finance company when and if after investigation it appears to the commissioner that:

(b) Procedure. Before the commissioner shall revoke, suspend or refuse to renew the license of any insurance premium finance company, the aggrieved person shall be entitled to a hearing in accordance with the provisions of 2 Pa.C.S. Ch. 5 (relating to practice and procedure). In lieu of revoking or suspending the license for any of the causes enumerated in this section, after hearing, the commissioner may subject the company to a civil penalty of not more than $1,000 for each and every act in violation of this statute when in his judgment he finds that the public interest would not be harmed by the continued operation of the company. The penalty shall be paid by the company to the commissioner.

(c) Hearing. If the commissioner refuses to issue to any person, a license as an insurance premium finance company, or he revokes, suspends or refuses to renew the license of any insurance premium finance company or he imposes a penalty on the company, after a hearing as provided under subsection (b), the applicant or licensee may appeal from the refusal to issue a license or from the adjudication in accordance with 2 Pa.C.S. Ch. 7 (relating to judicial review).

(d) Companies subject to Unfair Insurance Practices Act. In addition to any other laws that may be applicable, insurance premium finance companies are subject to the provisions of the act of July 22, 1974 (P.L. 589, No. 205), known as the Unfair Insurance Practices Act.¹