(frankieleon) Despite laws protecting servicemembers from some forms of shady lending, many continue to fall victim to too-good-to-be-true schemes. One company that offered questionable financing to military borrowers and private citizens has been ordered today to provide millions of dollars in debt relief to the consumers it deceived. The Consumer Financial Protection Bureau, along with 13 state attorneys general, announced a consent order providing $92 million in debt relief for more than 17,000 servicemembers and other consumers who were harmed by Rome Finance’s alleged predatory lending scheme. California-based Rome Finance – composed of Colfax Capital Corporation and Culver Capital, LLC – allegedly lured consumers into making purchases of electronics such as computers, televisions and video game consoles, with the promise of no money down and instant financing. The company would then mask expensive finance charges by inflating the disclosed prices of the consumer goods.

 

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