View Mobile Site
 
Posted: July 29, 2014 11:01 a.m.

Authorities say soldiers get $92M in debt relief

ALBANY, N.Y. (AP) — New York and 12 other states have settled an investigation into improper lending with a court agreement to shut down the company and expected to provide $92 million in debt relief for 17,800 U.S. military personnel.

New York's Attorney General Eric Schneiderman says deceptive practices by Rome Finance Co. based in California and Georgia included failing to accurately disclose charges and interest rates and helping retailers inflate prices, with repayments taken from soldiers' paychecks.

Authorities say military personnel will keep financed merchandise like computers and gaming systems with debt forgiven, including $2.2 million for more than 550 New York residents.

Rome Finance did business recently as Colfax Capital Corp. and Culver Capital LLC.

Other states are Colorado, Delaware, Florida, Georgia, Kentucky, Indiana, Iowa, Massachusetts, Michigan, North Carolina, Tennessee and Vermont.

 

CovNews Comments

You must be logged in to post comments.
http://beta.covnews.com/ encourages readers to interact with one another. We will not edit your comments, but we reserve the right to delete any inappropriate responses.

To report offensive or inappropriate comments, contact our editor.

The comments below are from readers of http://beta.covnews.com/ and do not necessarily represent the views of The Covington News or Morris Multimedia.

No comments have been posted. Log in or Register to post a comment.

Please wait ...