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BSA Record Keeping Requirements on Loans

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BSA regulations (31 CFR 103.33(a)) require records to be maintained of all extensions of credit over $10,000 not secured by real property. One of the items that must be retained is the loan purpose. How specific must the purpose be? For instance, is it adequate to record the loans as: passbook loan, business line of credit, etc.?

The descriptions that you provided examples of really describe the type of product and not the purpose of the loan. An appropriate description of a loan purpose would be described as follows: to purchase automobile, to pay Federal income taxes, college tuition, etc.

First published on 08/01/05

First published on 08/01/2005

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