Actually, new users at Shutter Stock is limited to an up load of 10. If they are rejected then you have to wait a month before you can upload again.
Shutter stock is pretty open as far as I know. Dreamstime limits the number of photos you can submit by your approval rating. iStockPhoto only allows a certain number per week so if you use up your quota and they all get the bin then you have to wait a week to try again. Submit a few and see how they go over and then submit the rest when you know they are likely to get accepted.
Are you looking into any agency in particular or just asking a general question?
THat is only for the initial application. Once you are accepted, there are no written penalties. After acceptance, yeah if you send them oads of garbage, or spam keywords they will give you "warnings" and if it continues, set you back so you have to go back through the initial 7 out of 10 procedure again.
I had one "bad batch" there where 8 out of 10 were rejected. THere were various things at work here. A reviewer who was extra picky, a lackluster batch overall, etc. But the review was fair - I found the errors they described, fixed them, and resubmitted. All were accepted. I received no warnings, no penalties. However if I repeated the same "bad batch" scenario time after time I imagine there would be warnings. THat one big actually helped me in that I review certain things more carefully before submission.