What country are you referring to. Different countries (and regions / states / counties therein) have different penalties for this, including jail time, fines or no regulation at all. For example, the United Kingdom has an agency called ofcom which may seize any equipment used, as well as using fines. This is covered sections 36 to 38 of the Wireless Telegraphy Act 2006. 

I would recommend you apply for a license as it has a much lower monetary effect and I cannot advise you break the law.
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