(a) Each applicant before being granted a loan purchase shall enter into a contract with a term of three consecutive years with the board 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. It shall not be necessary for a contract enrollee to reapply after entering into a contract; provided, however, that the board may require the contract enrollee to provide an annual certification of continued compliance with this Code section. No person shall be eligible to receive such award 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.