WKU Public Radio News Staff
Tue August 26, 2014
Hundreds of Military Personnel in Kentucky To Benefit From Settlement With Lender
Nearly 230 Kentucky servicemembers will share $1.2 million dollars in debt relief as part of a settlement reached Tuesday with a financial company, accused of using deceptive lending practices.
In a strongly worded statement, Kentucky attorney general Jack Conway says the company, Rome Finance “targeted our servicemen and women by luring them into deceptive lending schemes with the promise of no money down and instant financing.”
“These brave men and women work each day to protect our freedom, and the predatory actions taken by Rome Finance are unconscionable," said Conway.
On Tuesday, Conway, along with the Consumer Financial Protection Bureau and 12 other state attorneys general including his counterparts in Indiana and Tennessee, announced the settlement, which provides $92 million of debt-relief to nearly 18,000 sevicemembers nationwide.
Additionally, Rome Finance, which is in Chapter 7 bankruptcy, is banned from doing new business.