(1) The Division of Higher Education shall have the authority to refuse to issue a school license, to place on probation, or to revoke a school license theretofore issued.
(2) Any school dissatisfied with the decision to refuse to license, to revoke, or to suspend a license 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 division.