A. Any person or beneficial society violating any of the provisions of this act shall be guilty of a misdemeanor, and, upon conviction thereof, shall be sentenced to pay a fine of not more than five hundred dollars for each violation thereof.

B. Upon satisfactory evidence of the violation of any of the sections of this act by any beneficial society, the Insurance Commissioner may, in his discretion, pursue any one or more of the following courses of action--(1) Suspend or revoke the certificate of authority of such offending beneficial society; (2) refuse for a period of not to exceed one year thereafter to issue a new certificate of authority to such beneficial society; (3) impose a penalty of not more than one thousand dollars for each and every act in violation of this act.

Before the Insurance Commissioner shall take any action as above set forth, he shall give written notice to the beneficial society accused of violating the law, stating specifically the nature of such alleged violation, and fixing a time and place, at least ten days thereafter, when a hearing of the matter shall be held. After such hearing, or upon failure of a duly authorized representative of the accused beneficial society to appear at such hearing, the commissioner shall impose such of the above penalties as he deems advisable.