§ 44.2. Requirements.

 (a)  Except as provided in subsection (b), to renew a license, a licensee shall demonstrate to the satisfaction of the Department that:

   (1)  In the case of a mortgage banker, mortgage broker or loan correspondent, the licensee maintains at least one separate mortgage professional at each licensed office who has successfully completed during the annual renewal period at least 6 credit hours of continuing education programs which shall include 1 credit hour of Pennsylvania residential mortgage law, including the act and the Loan Interest and Protection Law (41 P. S. § §  101—605), 1 credit hour of business ethics and 4 credit hours from among one or more of the following subject areas:

     (i)   Federal residential mortgage law, including the Real Estate Settlement Procedures Act (12 U.S.C.A. § §  2601—2617), the Truth in Lending Act (15 U.S.C.A. § §  1601—1667e) and the Equal Credit Opportunity Act (15 U.S.C.A. § §  1691—1691f).

     (ii)   The first mortgage loan business.

   (2)  In the case of a limited mortgage broker, the licensed individual has successfully completed during the annual renewal period at least 2 credit hours of continuing education programs which shall include 1 credit hour of Pennsylvania residential mortgage law, including the act and the Loan Interest and Protection Law and 1 credit hour from among one or more of the following subject areas:

     (i)   Business ethics.

     (ii)   Federal residential mortgage law, including the Real Estate Settlement Procedures Act, the Truth in Lending Act and the Equal Credit Opportunity Act.

     (iii)   The first mortgage loan business.

 (b)  The continuing education requirements imposed by this chapter shall apply to all renewals of licenses except when an initial licensee has been licensed by the Department for less than 6 months prior to its first annual renewal date, in which case the licensee shall be in compliance with this chapter within 6 months after its first annual renewal date.

 (c)  A mortgage professional who acts as an instructor shall be credited with 2 credit hours of continuing education for every 1 credit hour taught per annual renewal period.

 (d)  Continuing education program credit hours earned in excess of the minimum requirement established by this section during any annual renewal period may not be carried over to a successive annual renewal period.

   This section cited in 10 Pa. Code §  44.3 (relating to reporting, verification and recordkeeping).