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Purpose Statement

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Purpose statement
A form filed by a borrower that describes the use of a loan backed by securities, and guarantees that the funds lent will not be used illegally to buy securities against Federal Reserve regulations.
purpose statement
A document that states the use to which proceeds of a loan that is backed by securities are to be put. The borrower agrees not to use the funds to purchase securities in violation of Federal Reserve credit regulations.
Purpose Statement
A form banks require borrowers to fill out when borrowing funds secured by margin stock in excess of a certain amount. The purpose statement indicates the reason the borrower is taking out the loan and guarantees that he/she will not use the funds to buy securities in violation of SEC or other regulations.


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