The commission or its staff may on its own, or on the verified complaint in writing of any person, investigate the actions and records of a licensee. The commission may issue subpoenas and compel the testimony of witnesses and the production of records and documents during an investigation. If probable cause is found, a formal complaint shall be filed and the commission shall hold a hearing on the formal complaint. The commission shall revoke or suspend the license or impose a fine of not less than twenty-five dollars ($25) nor more than one thousand dollars ($1,000), or both, or reprimand the licensee in each instance in which the licensee is found guilty of any of the following acts:
1. Investigate licensee actions and records
2. Issue subpoenas and compel testimony
3. Hold hearings on formal complaints
4. Impose fines, suspension, or revocation of license