(a) General rule.--An application for renewal of a license shall be submitted to the department on the form determined by the department and in the time period determined by the department. Each application for renewal shall be accompanied by a fee of $1,250.

(b) Required condition.--The department shall determine the information and documentation that shall be provided in the application for renewal of a license sufficient to establish that the licensee continues to conduct its business in accordance with this act.

(c) Continuing education.--In order to maintain its license, a licensee shall demonstrate to the satisfaction of the department that its credit counselors, supervisors and managers participate in continuing education as required by the department by regulation. The department shall delineate the requirements for such continuing education by regulation within three years after the effective date of this act.