Sec. 2. (a) To maintain a license issued under IC 23-2.5-4, an individual shall provide to the commissioner evidence that the individual has, during each calendar year after the year during which the license is initially issued, completed at least eight (8) 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) Two (2) 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.