(a) Except by consent of the parties or otherwise determined under subdivision (c) of this section, every adjudicatory proceeding under the jurisdiction of the Secretary of State shall be brought to completion within 150 days of the date of the hearing specified in the service of the notice of hearing. An adjournment or continuance granted at the request of respondent or by mutual consent of the parties will extend the period of 150 days in which the Secretary of State must act by the length of time the adjournment or continuance is granted.

(b) With respect to applications for a license or a commission, the Secretary of State shall grant or deny such application within 150 days of the date of the submission of a completed application. If the application is denied, the Secretary of State shall state the reasons for denial in writing by letter to the applicant and offer the applicant an opportunity for a hearing by demanding the same in writing within 30 days of the date of the letter of denial. If a hearing is demanded, a decision shall be issued within 150 days of the receipt of the demand.

(c) The Secretary of State or an administrative law judge may, prior to the expiration period, extend the time periods established by subdivision (a) of this section by making a determination in writing that the adjudicatory proceeding cannot be completed within 150 days and stating sufficient reasons therefor. Such an extension shall be for no longer than an additional 120 days. Such determination shall be promptly mailed to all parties.

(d) A failure of the Secretary of State to observe the time limitations established by this section, or the failure of an administrative law judge to make the determination required by subdivision (c) of this section shall be reviewable under article 78 of the Civil Practice Law and Rules in a proceeding in the nature of mandamus.