The license issued to an authorized organization is subject to revocation under this part if the organization:

1. (1) Makes a false statement or material omission in an application for a license under Acts 2007, No. 388;
2. (2) Fails to maintain records that fully and accurately record each transaction connected with conducting raffles or games of bingo and leasing of premises to be used for raffles or games of bingo;
3. (3) Falsifies or makes a false entry in a book or record if the entry relates in any way to the promotion, operation, or administration of raffles or games of bingo;
4. (4) Diverts or pays a portion of the proceeds from a raffle or a game of bingo to a person except in furtherance of one (1) or more of the lawful purposes set forth in Acts 2007, No. 388; or
5. (5) Violates this chapter or a term of a license issued under Acts 2007, No. 388, in any way.