(a)

1. (1) Except as otherwise specifically provided herein, a secured party shall apply for approval to enforce a security interest in personal property gaming collateral using such forms as the Arkansas Racing Commission may prescribe.

2. (2) The application shall include:

   1. (A) A complete schedule and description of the gaming collateral that is the subject of the security interest;
   2. (B) Copies of the security agreement and documents evidencing the obligation secured;
   3. (C) A statement by the secured party identifying the act of default by the debtor that is the basis for seeking to enforce the security interest, including a copy of any notice of default sent to the debtor; and
   4. (D) Any other information requested by the commission.

(b)

1. (1) The commission shall investigate the facts and circumstances related to the application for approval to enforce a security interest.

2. (2) The investigation by the commission may include:

   1. (A) A review of all pertinent documents;
   2. (B) An analysis of the impact upon the debtor of approving the enforcement of the security interest, including an evaluation of the effect of enforcement of the security interest upon the continued operation of the licensed gaming establishment;
   3. (C) A review of the transaction to determine whether the security interest was given in violation of this part, or in an attempt to evade the requirements of the rules adopted by the commission regarding the sale, assignment, transfer, or other disposition of an interest in a gaming operation or in the type of property subject to this subpart; and
   4. (D) Any other data or information the commission deems relevant to the application.