(a) The Insurance Commissioner may take action that is necessary or appropriate to enforce this subchapter and to protect guaranteed asset protection waiver holders in this state.(b) After notice and opportunity for hearing, the commissioner may: (1) Order the creditor, administrator, or other person that is not complying with this subchapter to cease and desist from further guaranteed asset protection waiver-related operations that are in violation of this subchapter; and(2)(A) Impose a penalty of no more than five hundred dollars ($500) per violation and a maximum total of no more than ten thousand dollars ($10,000) for all violations of a similar nature.(B) For purposes of this section, a violation shall be of a similar nature if the violation consists of the same or similar course of conduct, action, or practice, regardless of the number of times the conduct, action, or practice that is determined to be a violation has occurred.Added by Act 2019, No. 787,§ 1, eff. 7/24/2019.
Arkansas Legal Code