(a) If the Arkansas Ethics Commission finds that a person or an independent expenditure committee has committed a violation of Arkansas Code § 7-6-220, § 7-6-227, or both, then it may do one (1) or more of the following:

1. (1) Impose a fine of not less than fifty dollars ($50.00) and not more than three thousand five hundred dollars ($3,500); or

2. (2) Issue a public letter of:

   1. (A) Caution;
   2. (B) Warning; or
   3. (C) Reprimand.