If such an educational institution fails to meet minimum standards specified by the state department of education, the department may enjoin the institution to meet the requirements within a specified period of time. If the institution fails to do so, the department may take such legal action as it deems necessary to cause the owners or administrators of the institution to refrain from offering any part or all of such educational programs which the department shall have found to be inadequate. It is the intent of this act that such educational institutions shall meet minimum standards equivalent to those for institutions incorporated under the provisions of Act No. 327 of the Public Acts of 1931, as amended.