Re: Yes to the fine. No the re-converting it.

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You will need to have it brought up to code, which means ALL
the work will need to have the proper permits pulled and be
done by a properly licensed contractor (plumber, electrician,
whatever). The fines will probably equal the original permit
price, so you didn;t save yourself any money. When you sell
your house, you will need to prove that the conversion was
properly permitted and is up to code, which is minimully in
place to protect the consumer from electrical fires and mixing
sewer pipes with drinking water.