The department may deny an application for a license or discipline a title insurance agent or direct operation under Sections 4005.102, 4005.103, and 4005.104 if the department determines that the applicant or license holder has:
(1) wilfully violated this title;
(2) intentionally made a material misstatement in the license application;
(3) obtained or attempted to obtain the license by fraud or misrepresentation;
(4) misappropriated or converted to the applicant's or license holder's own use or illegally withheld money belonging to a title insurance company, an insured, or another person;
(5) been guilty of fraudulent or dishonest practices;
(6) materially misrepresented the terms and conditions of a title insurance policy or contract; or
(7) failed to maintain:
(A) a separate and distinct accounting of escrow funds; and
(B) an escrow bank account or accounts separate and apart from all other accounts.