NRS676A.150. “Debt settlement services” defined.

  “Debt settlement services” means debt-management services which contemplate that:

      1.  Regular, periodic payments will be made by or on behalf of the individual to whom the services are being provided;

      2.  The individual will accumulate such payments in a bank account which is insured by the Federal Deposit Insurance Corporation, owned by the individual and not controlled by the provider; and

      3.  The individual will use the accumulated amount of the payments made pursuant to subsection 1 to make payments to:

      (a) The provider for any fees charged by the provider pursuant to NRS 676A.580; and

      (b) Creditors in order to settle the debts of the individual for less than the principal amount of the debt.

      (Added to NRS by 2009, 1972)