The license issued to a distributor or manufacturer is subject to revocation 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 all transactions connected with the distribution of bingo equipment;
3. (3) Falsifies or makes a false entry in a book or record if the entry relates in any way to the distribution of bingo equipment; or
4. (4) Violates Acts 2007, No. 388, or a term of a license issued under Acts 2007, No. 388, in any other way.