§ 420. Hearing of refusal or revocation of license. If the state racing and wagering board shall refuse to grant a license applied for under sections two hundred twenty-two through seven hundred five of this chapter, or shall revoke or suspend such license granted by it, or shall impose a monetary fine upon a participant in quarter horse racing the applicant or licensee or party fined may demand, within ten days after notice of the said act of the board, a hearing before the board and the board shall give prompt notice of a time and place for such hearing at which the board will hear such applicant or licensee or party fined in reference thereto. Pending such hearing and final determination thereon, the action of the board in refusing to grant or in revoking or suspending a license or in imposing a monetary fine shall remain in full force and effect. The board may continue such hearing from time to time, for the convenience of any of the parties. Any of the parties affected by such hearing may be represented by counsel, and the board may be represented by the attorney general, a deputy attorney general or its counsel. In the conduct of such hearing the board shall not be bound by technical rules of evidence, but all evidence offered before the board shall be reduced to writing, and such evidence together with the exhibits, if any, and the findings of the board, shall be permanently preserved and shall constitute the record of the board in such case. In connection with such hearing, each member of the board shall have the power to administer oaths and examine witnesses, and may issue subpoenas to compel attendance of witnesses, and the production of all material and relevant reports, books, papers, documents, correspondence and other evidence. The board may, if occasion shall require, by order, refer to one or more of its members or officers, the duty of taking testimony in such matter, and to report thereon to the board, but no determination shall be made therein except by the board. Within thirty days after the conclusion of such hearing, the board shall make a final order in writing, setting forth the reasons for the action taken by it and a copy thereof shall be served on such applicant or licensee or party fined, as the case may be. The action of the board in refusing to grant a license or in revoking or suspending a license or in imposing a monetary fine shall be reviewable in the supreme court in the manner provided by and subject to the provisions of article seventy-eight of the civil practice law and rules.