(a) If after a hearing under § 5-312 of this subtitle the Board finds that there are grounds under § 5-311 of this subtitle 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 or reprimanding the licensee.

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

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