(a) An obligee shall have the right to cancel a contract with a private support collector under either of the following circumstances:
(1) Within 15 business days of the later of signing the contract, or receiving a blank notice of cancellation form, or at any time if the private child support collector commits a material breach of any provision of the contract or a material violation of any provision of this chapter with respect to the obligee or the obligor.
(2) At the end of any 12-month period in which the total amount collected by the private child support collector is less than 50 percent of the amount scheduled to be paid under a payment plan.
(b) A contract shall automatically terminate when the contract term has expired or the contract amount has been collected, whichever occurs first.