Jul 29, 2014 8:11 PM by Associated Press
ALBANY, N.Y. (AP) - Colorado is one of 13 states that have settled an investigation into improper lending. The settlement will provide around 92 million dollars in debt relief for more than 17 thousand soldiers.
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: New York, Delaware, Florida, Georgia, Kentucky, Indiana, Iowa, Massachusetts, Michigan, North Carolina, Tennessee and Vermont.