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#1737281 - 08/31/12 05:31 PM Business Lines of Credit
CRAmgr Offline
New Poster
Joined: Jul 2012
Posts: 3
Hello. I have a business line of credit(LOC) with no maturity date. Another LOC was approved for a larger dollar amount and it was used to pay off and close the original LOC. Neither has a maturity date. Can I report the full amount of the second LOC or just the increase?

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#1740231 - 09/12/12 05:47 PM Re: Business Lines of Credit CRAmgr
CRAatBOK Offline

Power Poster
Joined: Mar 2004
Posts: 6,172
Further South than I wanna be.
Have you "reported" (added to your LAR) the first LOC this year? If so then you can delete it and just report the second one. Or, if you want to keep that one on the LAR then you can and report the increase under the new loan number.

If you haven't added the first one to this year's LAR, then you can report the whole amount of the second one.
Life is not the way it's supposed to be. It's the way it is. The way you cope with it is what makes the difference.

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