2025 CLFP Recertification Quiz #1: Section 1071 and Enhanced Finance State Disclosure Laws Update Quiz #1: Section 1071 and Enhanced Finance State Disclosure Laws Update 1. What is the new compliance date for Tier 1 financial institutions under Dodd-Frank Section 1071? * October 18, 2024 July 18, 2025 January 16, 2026 October 18, 2026 2. What defines a small business under Dodd-Frank Section 1071? * Gross annual revenue of $10 million or less Less than 100 employees Gross annual revenue of $5 million or less Located in specific states only 3. What is one of the key steps recommended for preparation for Dodd-Frank Section 1071 implementation? * Decreasing interest rates for small business loans Identifying covered credit transactions and applications Hiring additional marketing personnel Increasing compliance documentation 4. Which aspect is typically included in disclosure requirements under enhanced finance disclosure legislation? * Detailing the finance charge and payment schedule Identifying potential profits from the transaction Listing only the initial loan amount and term length Specifying personal credit history of the borrower 5. Which of the listed states mandates the disclosure of the annual percentage rate (APR) under their enhanced finance disclosure legislation? * California Texas New York Connecticut Name * Name First First Last Last Email - USE THE EMAIL ADDRESS WHERE THE INSTRUCTIONS WERE SENT TO (NOT FROM); OTHERWISE, OUR SYSTEM WILL NOT UPDATE YOUR CONTACT RECORD! * Submit If you are human, leave this field blank.
