(a) If, after a hearing under § 18-315 of this subtitle, the Board finds that there are grounds under § 18-313 of this subtitle to suspend or revoke a license or registration or to reprimand a licensee or registrant, the Board may impose a monetary penalty not exceeding $10,000:

(1) Instead of suspending the license or registration; or

(2) In addition to suspending or revoking the license or registration.

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

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