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Zoeller: Loan scheme hurt 261 Ind. service members

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.The Associated Press
Wednesday, July 30, 2014 08:54 am
INDIANAPOLIS — Attorney General Greg Zoeller says a new settlement will erase $1.5 million of bad debt for 261 military members from Indiana.

Zoeller and attorneys general from 12 other states filed suit against the lender Rome Finance. They accuse the operation of targeting military members with bad loans. The total settlement clears $92 million of debt for more than 17,000 members of the military.

Zoeller said Tuesday that Rome Finance offered immediate credit to consumers at mall kiosks near military bases so they could make purchases. However, the agreements the consumers signed didn't accurately disclose financing charges. Zoeller says Rome Finance also withheld required financial information from billing statements and unfairly collected debt that wasn't owed.

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