5. In addition to any other remedies provided by law, the Director of the Division of Taxation in the Department of the Treasury shall assess penalties for violations of this act in accordance with the following schedule:
a. a penalty of not less than $2,000 and not more than $4,000 for the first violation;
b. a penalty of not less than $5,000 and not more than $7,000 for the second violation within a five-year period;
c. a penalty of not less than $8,000 and not more than $10,000 for the third violation within a five-year period;
d. a penalty of not less than $11,000 and not more than $13,000 for a fourth violation within a five-year period; and
e. a penalty of $20,000 for a fifth or subsequent violation within a five-year period.