(a) At any time prior to the issuance and service of the notice of hearing in any proceeding, the commissioner, in his discretion, may enter into a stipulation with a prospective respondent, whereby the latter admits the material facts and agrees to discontinue the acts or practices which are violative of the act. Such stipulation shall be admissible as evidence of such acts and practices in any subsequent proceeding against such person before the commissioner.

(b) At any time after the issuance and service of a notice of hearing, the commissioner, in his discretion, may allow a respondent to consent to an order and the filing thereof. In so consenting, the respondent must submit for filing in the record, a stipulation or statement in which he admits at least those facts necessary to the commissioner's jurisdiction and agrees that an order may be entered against him.

(c) Upon a record composed of the notice of hearing and the stipulation or agreement consenting to the order, the commissioner may enter the order consented to by a respondent, which shall have the same force and effect as an order after hearing.

(d) An agreement between parties or their attorneys relating to any matter in a proceeding other than one made between counsel on the record of the hearing is not binding upon a party unless it is in a writing subscribed by him or his attorney or reduced to the form of an order and filed in the department.