The Secretary of State shall refuse to issue a certificate of title or salvage or may withdraw a certificate of title or salvage if the required fee is not paid or if the Secretary of State has reason to believe that:
1. Applicant not owner. The applicant is not the owner of the vehicle;
2. False statement. The application contains a false or fraudulent statement; or
3. Insufficient information. The application fails to furnish required information or documents or additional information the Secretary of State reasonably requires.