(a) If after a hearing under § 8-6B-19 of this subtitle the Board finds that there are grounds under that section to suspend or revoke a license, the Board may impose a penalty not exceeding $5,000:
(1) Instead of suspending the license; or
(2) In addition to 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 a penalty collected under this section into the General Fund of the State.