Is anyone aware of changes in the GA law regarding the Statement of Purpose? I've been told that the Statement of Purpose is no longer is required on construction loans. After 24 months a loan does not have to be amortized. Would appreciate any thoughts? Thank you.

I've not heard of anything. To me, statement of purpose falls more under BSA regs and for purposes of "knowing your customer" as well as being able to determine how to audit the file. There were many changes made in the most recent changes to GA law...but without going back and filtering thru it, I couldn't tell you for certain about the second part of your post above.

Here's a link to the changes

http://dbf.georgia.gov/vgn/images/portal/cit_1210/31/47/88803397DBFFinalRules8-14-2007.pdf

Thank you, this is what I was looking for. It appears the section I'm reading is only applicable to credit unions so t his answers my question.