(a) Except as otherwise provided by law, following a hearing requested by an applicant pursuant to subdivision (b) of Section 485, the board may take any of the following actions:

1. (1) Grant the license effective upon completion of all licensing requirements by the applicant.
2. (2) Grant the license effective upon completion of all licensing requirements by the applicant, immediately revoke the license, stay the revocation, and impose probationary conditions on the license, which may include suspension.
3. (3) Deny the license.
4. (4) Take other action in relation to denying or granting the license as the board in its discretion may deem proper.

(b) This section does not in any way modify or otherwise affect the existing authority of the following entities in regard to licensure:

1. (1) The State Athletic Commission.
2. (2) The Bureau for Private Postsecondary Education.
3. (3) The California Horse Racing Board.