(A) Each raffle ticket, chance or other raffle token shall state, on its face, the name and address of the licensee, the date or dates of the drawings, and the prize or prizes to be awarded; provided, however, that this requirement shall not apply to any raffle in which prizes in the aggregate value of under $50 are awarded, or to any raffle in which raffle chances are sold only on the date of the drawing during the event at which the drawing is to be conducted. No such ticket, chance or token shall be sold or issued more than 90 days before the determination of the winning chance or chances.
(B) If any raffle for which a license is issued under this article is canceled, or if any such raffle is not conducted on the date contained in the application for license, the licensee shall refund all money paid for any raffle chances issued or sold to the persons to whom such raffle chances were issued or sold within 45 days after the date on which the raffle was to be conducted or within 45 days after cancellation of the raffle, whichever is sooner.