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(1) The board shall:
(a) review applications for licenses and renewals of licenses for private investigators and approve or deny the applications;
(b) upon receiving a timely filed petition, review within a reasonable time the denial, suspension, or revocation of a private investigator license; and
(c) review all complaints and make recommendations to the commissioner regarding disciplinary action.
(2) The board may take and hear evidence, administer oaths and affirmations, and compel by subpoena the attendance of witnesses and the production of books, papers, records, documents, and other information relating to a formal complaint against or bureau investigation of a private investigator.