(a) Offense defined.--A person is guilty of a misdemeanor of the first degree if he, being engaged in the business of financing the purchase of real or personal property or of lending money on the security of real or personal property, requires, as a condition precedent to financing the purchase of such property, or to lending money upon the security of a mortgage thereon, or as a condition prerequisite for the renewal or extension of any such loan or mortgage, or for the performance of any other act in connection therewith, that the person for whom such purchase is to be financed, or to whom the money is to be loaned, or for whom such extension, renewal or other act is to be granted or performed, shall negotiate through a particular insurance company, agent or broker, any policy of insurance or renewal thereof covering such property, or, with the exception of a group creditor policy, any policy covering the life or health of such person.

(b) Exception.--This section shall not¹ prevent any person from approving or disapproving the insurance company selected to underwrite such insurance.

(c) Penalty.--A person other than individuals or the responsible officers, agents or employees of a corporation, partnership or association, who commits an offense under this section shall be sentenced to pay a fine not exceeding $1,000.