Before being granted a loan each applicant shall enter into a contract with the Department, which is considered a contract with the State of South Carolina agreeing to the terms and conditions upon which the loan is granted to him. The contract shall include such terms and provisions as shall carry out the purpose and intent of § 59-111-530. The contract must be signed by the chairman of the Department, countersigned by the executive secretary of the Department, and signed by the applicant.