(1) A municipal corporation shall not impose a fine or penalty greater than: One thousand dollars ($1,000) for the first offense or violation of a bylaw or ordinance;
(2) Two thousand dollars ($2,000) for the second offense or violation of the bylaw or ordinance; or
(3) Four thousand dollars ($4,000) for each subsequent offense or violation of the bylaw or ordinance.
(4) If a thing prohibited or rendered unlawful is, in its nature, continuous in respect to time, the fine or penalty for allowing the continuance thereof, in violation of the bylaw or ordinance, shall not exceed five hundred dollars ($500) for each day that it is unlawfully continued.
(5) If any bylaw or ordinance provides for any greater fine, penalty, or forfeiture than is provided in this section, it shall and may be lawful, in any suit or prosecution for the recovery thereof, to reduce it to such amount as shall be deemed reasonable and proper and to permit a recovery or render a judgment for such amount as authorized.