In lieu of or in addition to suspension of the license, the Board may impose a penalty of not more than $5,000 for a first offense. In addition to revocation of the license, the Board may impose a penalty of not more than $5,000 for a first offense. In addition to suspension or revocation of the license, the Board may impose a penalty of not more than $10,000 for a second or subsequent offense. Penalties collected by the Board under this section shall be paid into the General Fund of the State. The Board shall establish such rules and regulations as are necessary to carry out the provisions of this section.