NRS 676A.150 “Debt settlement services” defined.
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/nv/chapter-676a-uniform-debt-management-services-act/676a-150·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
NRS 676A.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.