|
 |
Statement of Purpose
Answer by Randy Carey, BOL Guru
Guru Bios
Question: What regulation states that you should obtain a statement of purpose for consumer loans over $10,000? Also, is this only for consumer loans or all loans not secured by real estate?
Answer: Bank Secrecy Regulation: Sec. 103.33- Records to be made and retained by financial institutions. Each financial institution shall retain either the original or a microfilm or other copy or reproduction of each of the following: (a) A record of each extension of credit in an amount in excess of $10,000, except an extension of credit secured by an interest in real property, which record shall contain the name and address of the person to whom the extension of credit is made, the amount thereof, the nature or purpose thereof, and the date thereof.
First published on BankersOnline.com 11/06/06
Privacy Policy Disclaimer Recommend This Site ! Contact Us
BankersOnline is a free service made possible by the generous support of our advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all banking professionals. Support our advertisers and sponsors by clicking through to learn more about their products and services.
|
|
|
Print Friendly!
Email This Article!
Discuss NOW!