20-3-518.11. Terms and conditions; regulations.

(a) Before being granted a loan purchase, each applicant shall enter into a contract with the board for a term of three consecutive years agreeing to the terms and conditions upon which the loan purchase is granted, including such terms and provisions as will carry out the full purpose and intent of this part. No person shall be eligible to receive such loan purchase more than once during his or her lifetime. The form of such contract shall be prepared and approved by the Attorney General, and each contract shall be signed by the chairperson of the board and by the applicant. (b) The board shall have the authority to cancel the loan purchase contract of any applicant at any time for any cause deemed sufficient by the board, provided that such authority shall not be arbitrarily or unreasonably exercised. (c) The board shall adopt such rules and regulations as are reasonable and necessary to implement the provisions of this part.