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 that has been timely requested. If the lottery retailer so elects to waive formal hearing, the retailer may then state in writing any matter in explanation or mitigation of the violations that the retailer desires the director to consider in making a decision. At the time the lottery retailer submits the waiver, the retailer may also request to be present when the director meets to consider a decision in the matter. In the event the lottery retailer elects to waive formal hearing, the retailer shall thereafter be bound by such election and may not thereafter request formal hearing.