Before the department shall refuse, suspend or revoke any license it shall give ten days' notice, by registered mail, to the applicant or licensee of a time and place of hearing. At such hearing the applicant or licensee shall be privileged to appear in person or by or with counsel and to produce witnesses. If the department shall find the applicant or licensee shall have been guilty of any of the acts provided in section nine of this act, the department shall refuse, suspend or revoke such license, and shall give immediate notice of its action to the applicant or licensee. The department may at its discretion, grant a renewal of license, following revocation, if the applicant furnishes a bond of such nature, tenure and amount as may be determined by the secretary to offer adequate assurance that the business of the applicant will be conducted in accordance with the provisions of this act.