(a) When called to consider and to act upon an outstanding application and accompanying report submitted pursuant to section 156(c) of this chapter, the Commission shall make its determination and issue its order with due dispatch. Such determination and order of the Commission shall be final as provided by section 166 of this chapter.
(b) The Commission shall hold a fair hearing before making its determinations and before rendering a final order when such a hearing is requested by the Executive Secretary, by a majority of the members of the Commission, by the applicant, or by the offender.