(a) Any home protection contract shall be noncancellable during the initial term for which it was issued, except for:

1. (1) Nonpayment of protection contract fees;
2. (2) Fraud or misrepresentation of facts material to the issuance of such contract; or
3. (3) Contracts providing coverage prior to the time that an interest in the residential property to which it attaches is sold, upon the contingency that such sale does not occur.