Sec. 1. (a) An applicant for an initial license under IC 23-2.5-4 shall provide to the commissioner evidence that, during the twenty-four (24) month period immediately preceding the application, the applicant completed at least twenty (20) hours of academic education that is acceptable to the commissioner and approved by the Nationwide Multistate Licensing System.
(b) The education hours required by subsection (a) must include the following:
(1) Three (3) hours of federal law and regulations concerning residential mortgage lending.
(2) Three (3) hours of ethics, including instruction on fraud, consumer protection, and fair lending practices.
(3) Two (2) hours of training concerning lending standards for nontraditional residential mortgage loan products.
(4) Two (2) hours of state law and rules concerning residential mortgage lending.