re: 103.33(a) How specific must the loan purpose be for this record keeping requirement? Is business line of credit, passbook loan, etc. adequate?

Here's a prior thread.

I know the language Anon quotes there was in the FDIC Handbook at one time, but I simply have not been able to find it in the current version. I would encourage you to be as specific as possible; e.g. "passbook" is about the collateral, not the purpose. On the other hand, a revolving line of credit can't really be said to have a purpose, in my estimation.

I agree with Ken. What's the purpose of the business LOC? If it is daily operating funds, then state that. "Personal" is not sufficient and I have seen that cited by examiners. However, "Medical" is good enough - you don't need to document what kind of operation a person is having.