No renewal license shall be issued to any real estate broker or salesperson for any license period commencing on or after 11/1/95 unless such licensee shall provide evidence of completion of 22½ hours of approved continuing education within the two-year period immediately preceding such renewal. However, such continuing education requirement shall not apply to any licensed real estate broker who is engaged full-time in the real estate business and who has been licensed prior to July 1, 2008 for at least 15 consecutive years immediately preceding such renewal.

No offering of a course of study in the real estate field for the purpose of compliance with the continuing education requirements of subdivision 3 of section 441 of the Real Property Law shall be acceptable for credit unless such course of study shall have been approved by the department under the provisions of this Part.