I'm pretty sure that State Boards have limits that are quite small, like $500 or $1000. The example given above was in Canada, and they might treat it differently. The real punishment is suspending your license and putting a stink on your reputation. Beyond that, if you're negligent, you can be sued and the limits there are only as far as a lawyer can dream.
The state boards are considered quasi-judicial, and the legislatures don't want to give them too much power.