(a)

1. (1) The enforcement of a security interest in personal property gaming collateral requires the affirmative approval of the Arkansas Racing Commission.
2. (2) The commission shall not approve the enforcement of such security interest if such enforcement will result in any person becoming subject to mandatory licensing, registration, or finding of suitability, unless all persons have been licensed, registered, or found suitable by the commission, as applicable.
3. (3) The commission may grant a temporary or permanent waiver of the requirement of prior licensing, registration, or finding of suitability, or may grant delayed licensing, registration, or finding of suitability upon written request by the secured party.

(c)

1. (1) The commission may permit the licensee or holding company to register or record the securities in its books or records in the name of the secured party pursuant to this part.
2. (2) The commission may grant such permission only if the secured party has filed an application for approval to enforce a security interest in such securities.
3. (3) Such permission shall be conditioned upon and require that the secured party not exercise any voting rights or other control over the licensee or holding company, and that all dividends payable or other beneficial interest in the securities be held in escrow, pending final action on the application to enforce the security interest.