Before any dismissal, demotion, suspension without pay or transfer for punitive reasons may be imposed, the following must be complied with:
(1) The police officer shall be notified in writing of all charges, the basis for the charges, and the action that may be taken;
(2) The police officer shall be given an opportunity, within a reasonable time limit after the date of the written notice provided for in subdivision (1), to respond orally and in writing to the charges. The time limit shall be determined by the agency, but in no event shall it be less than five (5) calendar days unless agreed to by the police officer; and
(3) In making a response, the police officer may be assisted by counsel at the officer's own expense.