When the Board notifies a license holder of a violation alleged against the license and gives notice for the license holder to appear for a hearing, the Board may offer as a compromise, on a form provided by the Board, a monetary penalty if the license holder agrees to: voluntarily waive the right to a hearing under § 4–603 of this article; admit to the facts of the violation as alleged; take the corrective action prescribed in the offer made by the Board; and accept the monetary penalty offered. If a license holder does not accept the offer of compromise made by the Board in accordance with subsection (a) of this section, the license holder may accept service of notice of the complaint from the Board and inform the Board of its intent to exercise the right to a hearing under § 4–603 of this article. If an offer of compromise is accepted by a license holder under subsection (a) of this section, the Board shall: keep a record of the initial violation alleged against the license holder or the licensed establishment; issue a written finding that the offer of compromise does not impair the promotion of the peace or safety of the community; as soon as practicable, state the license holder’s acceptance of the offer of compromise on the record at a hearing of the Board; and post the result of the Board’s decision in a place accessible by the public. The Board shall adopt regulations to implement this section.