If after a hearing under § 12-411 of this subtitle the Board finds that there are grounds under § 12-409 of this subtitle to suspend or revoke a permit, the Board may impose a penalty not exceeding $10,000: Instead of suspending the permit; or In addition to suspending or revoking the permit. The Board shall adopt rules and regulations to set standards for the imposition of penalties under this section. The Board shall pay any penalty collected under this section into the General Fund of this State.