State Attorney General Eric Schneiderman has come to terms with a military consumer lender that provides $92 million in debt relief to over 17,800 military personnel across the US.
The settlement, in concert with 12 other states and the federal Consumer Financial Protection Bureau, liquidates the assets of Rome Finance Company, based in California and Georgia. The settlement bans any new business by the company's principals and directs all debts incurred by US service members worldwide as "paid in full." In addition, any merchandise purchased will be retained by military personnel. In addition, Schneiderman says any judgments issued for Rome Finance against soldiers will be vacated on request.
The settlement affects over 550 New York State service personnel with a combined total of $2.2 million in Rome Finance debt. Officials with the AG's office in Watertown say a great number of Fort Drum personnel are affected by this settlement.