(a) If after a hearing under § 12-315 of this subtitle the Board finds that there are grounds under § 12-313 of this subtitle to reprimand any licensee, place any licensee on probation, or suspend or revoke a license, the Board may impose a penalty not exceeding $10,000:

(1) Instead of reprimanding the licensee, placing the licensee on probation, or suspending or revoking the license; or

(2) In addition to reprimanding the licensee, placing the licensee on probation, or suspending or revoking the license.

(b) The Board shall adopt rules and regulations to set standards for the imposition of penalties under this section.

(c) The Board shall pay any penalty collected under this section into the General Fund of this State.