In any case involving violations of the lottery laws, rules or regulations, where the director deems it appropriate, the director may afford the lottery retailer an opportunity to waive a formal hearing which he has timely requested. If the lottery retailer so elects to waive formal hearing, he or she may then state in writing any matter in explanation or mitigation of the violations which he or she desires the director to consider in making his or her decision. The lottery retailer at the time he or she submits the waiver, may also request to be present when the director meets to consider his or her decision in the matter. In the event the lottery retailer elects to waive formal hearing he or she shall thereafter be bound by such election and may not thereafter request formal hearing.