Statute 676a 130

'Debt-management plan' means a plan which contemplates that: 1. Regular, periodic payments will be made to a provider by or on behalf of an individual to whom debt-management services are being provided; and 2. The individual’s creditors will reduce financing charges or fees for late payment, default or delinquency. The term does not include a plan which contemplates that creditors of the individual will settle debts for less than the principal amount of the debt. (Added to NRS by 2009, 1971)