(a) If the Commissioner finds that one or more grounds exist for the suspension of, revocation of, or refusal to renew or continue any registration issued under this chapter, the Commissioner may, in his discretion, in lieu of such suspension, revocation, or refusal, on a first offense and except when such suspension, revocation, or refusal is mandatory, impose upon the registrant an administrative penalty in an amount not to exceed $500, or, if the Commissioner has found willful misconduct or willful violation on the part of the registrant, an administrative fine not to exceed $1,000. The administrative penalty may, in the discretion of the Commissioner, be increased by an amount equal to any commissions received by or accruing to the credit of the registrant in connection with any transaction as to which the grounds for suspension, revocation, or refusal relate.
(b) The Commissioner may allow the registrant a reasonable period, not to exceed 30 days, within which to pay to the Commissioner the amount of the penalty so imposed. If the registrant fails to pay the penalty in its entirety to the Commissioner within the period so allowed, the registration of the registrant shall stand suspended, revoked, or renewal or continuation refused, as the case may be, upon expiration of such period.