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#1715491 - 06/28/12 06:07 PM Phase II Exemptions
J2C Offline
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Joined: May 2004
Posts: 1,475
Big Brother knows and that's a...
If Phase II, and the non-listed business engages in ineligible business (for example lottery) how do you confirm that is it less than 50% of the gross revenue if there is no lending relationship with financials?
My opinion is mine only- not my employer's!

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#1715500 - 06/28/12 06:19 PM Re: Phase II Exemptions J2C
BFrame Offline
Gold Star
Joined: Nov 2011
Posts: 401
I use a form for the customer to certify the percentage of gross revenues derived from that ineligible activity.
The businesses that I have exempt are grocery stores or gas stations who sell lottery tickets. They have "lottery accounts" set up separate from their general store account. I look at the activity in both accounts to determine if the form they completed "makes sense" according to their account activity.

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#1715516 - 06/28/12 06:46 PM Re: Phase II Exemptions J2C
rlcarey Offline
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Joined: Jul 2001
Posts: 79,368
Galveston, TX
The opinions expressed here should not be construed to be those of my employer:

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