From experience at one of the clubs I belong to, fines don't work if that is all you have in place. The guys with the money will pay, or if they are treated unfairly, they will quit. Others will just quit. Who decides on the fines? I have seen a great disparity in the way fines were handed out. Who decides on the fines? Was the offender one of you buddies, or did you dislike the person to begin with?
AMA has guidelines for this type of problem.
They are in document 535A (Guidelines for Bylaws) ArticleXI Grievance Procedure (flight & safety rules)
These rules seem to be fair, allow for appeals, remove the offender if required, and work.
http://www.modelaircraft.org/files/535-a.pdf
Doug