(a) If after a hearing under § 1A-310 of this subtitle the Board finds that there are grounds under § 1A-309 of this subtitle to place any licensee on probation, reprimand any licensee, or suspend or revoke a license, the Board may impose a penalty not exceeding $5,000:

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

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

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

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