A certificate of number or transfer of a certificate of number shall not be issued under § 27-101-301 et seq., nor shall a certificate of title be issued under this subchapter, if:
(1) The Office of Motor Vehicle has been provided with information leading the office to reasonably believe that the relevant application contains any false or fraudulent statement;
(2) The applicant fails to furnish required information or reasonable additional information requested by the office;
(3) The office has reasonable grounds to believe that the motorboat is stolen or embezzled or that the granting of a certificate of number, the issuance of a certificate of title, or the transfer of a certificate of number would constitute a fraud against the rightful owner or other person having a valid lien upon the motorboat; or
(4) All the required fees have not been paid.