Colorado Motor Vehicle Salesperson Mastery Exam 2025 – Comprehensive All-in-One Study Guide to Ensure Success!

Question: 1 / 400

How many days does a dealer have to file federal form 8300 after receiving over $10,000 cash?

10 days

15 days

A dealer is required to file federal Form 8300 within 15 days of receiving cash payments that exceed $10,000 in a single transaction or related transactions. This requirement is part of compliance with the Bank Secrecy Act, which aims to prevent money laundering and other financial crimes by ensuring that large cash transactions are reported to the Financial Crimes Enforcement Network (FinCEN). The 15-day timeframe is critical to provide timely information regarding these substantial cash transactions, helping authorities monitor for illegal activities. Understanding this timeline is important for dealers to maintain compliance with federal regulations.

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20 days

30 days

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