If you determined that a current Phase II customer appears to be cashing checks over $1,000.00, is there a requirement to revoke the exemption? Also, I completely understand prudent business practices, however, in this case, I just wondering if it is spelled out someplace. Thanks.

As long as 50% of their revenues are not generated from an ineligible business activity they are still eligible for a Phase II exemption.

And strangely enough, I didn't find unlicensed/unregistered MSB as an ineligible business. I really would have thought that would have been a requirement.