(a)

1. (1) A licensee that permanently removes from use or replaces approved chips at its gaming establishment, or that ceases operating its gaming establishment whether because of closure or sale of the establishment or any other reason, must prepare a plan for redeeming discontinued chips that remain outstanding at the time of discontinuance.
2. (2) The licensee must submit the plan in writing to the Arkansas Racing Commission not later than thirty (30) days before the proposed removal, replacement, sale, or closure, unless the closure or other cause for discontinuance of the chips cannot reasonably be anticipated, in which event the licensee must submit the plan as soon as reasonably practicable.
3. (3) The commission may approve the plan or require reasonable modifications as a condition of approval.
4. (4) Upon approval of the plan, the licensee shall implement the plan as approved.

(b) In addition to such other reasonable provisions as the commission may approve or require, the plan must provide for:

1. (1) Redemption of outstanding, discontinued chips in accordance with this subpart for at least one hundred twenty (120) days after the removal or replacement of the chips or for at least one hundred twenty (120) days after operations cease, as the case may be, or for such longer or shorter period as the commission may for good cause approve or require;
2. (2) Redemption of the chips at the premises of the gaming establishment or at such other location as the commission may approve;
3. (3) The casino licensee shall publish in at least one (1) newspaper of general circulation and on the website of the licensee any notice of the discontinuance of the chips and how the chips may be redeemed;
4. (4) Conspicuous posting of the notice described in subdivision (b)(3) of this section at the gaming establishment or other redemption location; and
5. (5) Destruction or such other disposition of the discontinued chips as the commission may approve or require.