(a) If after a hearing under § 3-315 of this subtitle the Board finds that there are grounds under § 3-313 of this subtitle to suspend or revoke a license, the Board may impose a penalty not exceeding $5,000 for each violation:

(1) Instead of suspending the license; or

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

(b) If, after disciplinary procedures have been brought against a licensee, the licensee waives the right to a hearing required under this subtitle and if the Board finds that there are grounds under § 3-313 of this subtitle to reprimand the licensee, place the licensee on probation, or suspend or revoke a license, the Board may impose a penalty not exceeding $5,000 for each violation in addition to reprimanding, placing the licensee on probation or suspending or revoking the license.

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

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