(1) The Attorney General has exclusive authority to enforce this part. The Attorney General may: (a) Receive and act on complaints. (b) Take action designed to obtain voluntary compliance with this part. (c) Commence administrative or judicial proceedings to enforce compliance with this part. (2)(a) A violation of this part is punishable by a fine of $500 per incident, not to exceed $20,000 for all aggregated violations, arising from the use of the transaction documentation or materials found to be in violation of this part. (b) A violation of this part after receipt of a written notice of a prior violation from the Attorney General is punishable by a fine of $1,000 per incident, not to exceed $50,000 for all aggregated violations, arising from the use of the transaction documentation or materials found to be in violation of this part. (c) A violation of this part does not affect the enforceability or validity of the underlying commercial financing transaction. (3) This part does not create a private right of action against any person or entity based upon compliance or noncompliance with this part.
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