81-23-204. Declining, suspending, and revoking licenses -- penalties in lieu of suspension or revocation. (1) The board may refuse to grant a license or may suspend or revoke a license already granted for due cause upon due notice and after hearing. The violation of any provisions of this chapter or of any lawful order or rule of the board, the failure or refusal to make required statements or reports, or failure to pay license or assessment fees are causes for which the board may suspend or revoke a license.

(2) In place of suspension or revocation of a license, the board may assess a civil penalty not to exceed $500 per day for each daily failure to comply with or each daily violation of the provisions of this chapter or of any lawful order or rule of the board. A penalty may not be assessed until after the cause of the penalty has been upheld following the notice and hearing requirements of subsection (1). If the person against whom a civil penalty is assessed fails to pay the civil penalty immediately, the board shall collect the civil penalty by a civil proceeding in the district court of the first judicial district. This penalty must be construed as civil and not criminal in nature. Any money received by the board as a result of collection of civil penalties must be paid into the state special revenue fund as provided by 81-23-403.