(a) When the Division of Higher Education finds that a school is guilty of a violation of this subchapter or the rules of the division, it shall have the power and authority to impose a penalty on the school.
(b) Prior to the imposition of any penalty, the division shall hold an investigation and hearing after notice to the school.
(c)
(1) Upon imposition of a penalty, the division shall have the power and authority to require that the school pay a penalty to the division with regard to the violation, with the sanction that the license may be suspended until the penalty is paid.
(2) No penalty imposed by the division may exceed five hundred dollars ($500) per violation.
(d) Any school dissatisfied with the penalties imposed may seek judicial review, provided the school files notice of appeal in Pulaski County Circuit Court within fifteen (15) calendar days immediately following the date of notification of this action by the Director of the Division of Higher Education.
(e) The power and authority of the division to impose these penalties shall not be affected by any other civil or criminal proceeding concerning the same violation.