The Board or Department may, upon its own motion, and shall, upon the verified complaint in writing of any person setting forth facts which, if proved, would constitute grounds for refusal, suspension or revocation of a license, investigate the actions of any applicant for or any person or persons holding or claiming to hold a license to operate a school. Before refusing to renew, revoking or suspending any license, the Board may grant such period of time as it deems reasonable to correct any unsatisfactory condition.