This does nothing else besides stop the placement of ItemFrames except for those who have the noitemframes.bypass permission node.
Very simple plugin for those who don't know how to configure WorldGuard to do the same thing.
GitHub Source: https://github.com/SuperSpyTX/NoItemFrames
I made this about 4 months ago as a one hour(?) plugin race of my own, and it only utilizes the Bukkit API so as long as the API has not changed for HangingPlaceEvent then, it should work fine now.