(a) A registered player may, by notice to a licensee, set a limit on the amount the player may wager.
(b) A player who has set a limit pursuant to this section may amend or revoke the limit on wagers by written notice given to the licensee.
(c) A notice increasing or revoking the limit shall not take effect unless:
(1) Seven (7) calendar days have passed since the licensee received the notice; and
(2) The player has not notified the licensee of an intention to withdraw the notice.
(d) A notice reducing the limit has effect on its receipt by the licensee.
(e) A licensee shall not accept a wager from a player contrary to a limit set for the player pursuant to this section.