Military Loan? You Don’t Owe Lender Money

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Rome Finance, operating as Colfax Capital Corporation and Culver Capital, LLC, financed loans almost exclusively to military members for computers, Xbox games and other goods and services via websites and at malls next to military bases. Payments were ACH’d from the military member’s paycheck and were collateralized by access to their bank account.

New York Attorney General Eric T. Schneiderman, announced settlement with Rome Finance Company, based in California and Georgia. The settlement liquidates Rome Finance, provides nearly $92 million in debt relief to over 17,800 United States military members worldwide, defines all outstanding debt “as paid in full” with consumer finance reporting agencies, and bans new business by the company and its principals.

Military members may keep all merchandise purchased, but debts linked to the debt must be erased and judgments vacated on request. Over 550 New York State military members, with a combined total of over $2.2 million in Rome Consumer debt, will benefit directly from this settlement.

Attorney General Schneiderman “alleged multiple illegalities, including failing to accurately disclose finance charges and interest rates, knowingly or recklessly assisting in the practice of financing contracts with inflated prices of goods sold, failing to provide required periodic disclosures, violations of State and CFPA’s unfair, deceptive, or abusive acts and practices prohibitions by financing consumer loans and/or collecting on consumer loans, and violation of the Military Lending Act for excessive interest, onerous provisions, and for requiring allotment payment backed by access to a bank account.”

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