Statute 676a 150

'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)