I think I've seen on the HERO boards somewhat recently too. I know my brother borrowed heavily from Arcady's system for this. I it's the same, as far as I can recall.
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Start with a base of 25 points, using the Point Buy Method found in the DMG. You can get bonus points for the following:
Write a decent character history of at least one page in length (1.5 spaced, 12 font): +1 point (required)
Write a good character history of more than one page in length (1.5 spaced, 12 font): +1 additional point
Relationship with one or more Player Characters included in your history: +1 point
Include three or more NPC’s/Organizations in your character history that are both detailed and relevant to your history in some way: +1 Point
Write up two or more NPC’s/Organizations from your history in a separate document, in detail, from your character’s perspective: +1 Point
Include in your history two or more plot hooks for future adventures: +1 Point
Make a semi-accurate miniature of your character: +1 Point
Write or draw a description of what your character looks like: +1 Point
Detail your character’s family and explain how they affected his/her life: +1 Point
Describe your character’s religious beliefs (must be a religion from the Realms) and how they affect his/her life: +1 Point
Make a list of 5 or more personality traits that show why your character has their chosen alignment and 1 thing that is outside their alignment. Minimum 15 words per trait, written from a 1st person perspective: +1 Point
Detail your hometown in DMG stats format, must follow logic and cannot disrupt the flavor or feel of the game (i.e. No Elminsters/Drizzts living there) In addition write a paragraph that describes it: +1 Point
Describe in a paragraph the neighborhood in which your character grew up if your character is from a large city. This should be a very localized social setting: +1 Point