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Under the CFL, how long must a licensee retain transaction records?

Correct Answer

A) 3 years

CFL licensees must retain all transaction records for at least 3 years from the date of the transaction or the life of the loan, whichever is longer.

Answer Options
A
3 years
B
2 years
C
5 years
D
7 years

Why This Is the Correct Answer

CFL licensees must retain all transaction records for at least 3 years from the date of the transaction or the life of the loan, whichever is longer.

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