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In addition to any other administrative action in order, any financial institution or person who violates the provisions of this chapter or its regulations, shall be sanctioned by an administrative fine which shall not be less than five hundred dollars ($500), nor more than one thousand dollars ($1,000).If a like violation is incurred subsequently, the administrative fine shall not be less than two thousand dollars ($2,000), nor more than five thousand dollars ($5,000).The fines shall apply separately to each violation of law or regulations. Failure to comply with the provisions of this chapter and its regulations may also bring about the cancellation of the designation of a financial institution as a depositary of public funds. History —Aug. 14, 1991, No. 69, § 4.1.