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.

Source: Section 676A.150 — “Debt settlement services” defined., https://www.­leg.­state.­nv.­us/NRS/NRS-676A.­html#NRS676ASec150.

Last Updated

Jun. 24, 2021

§ 676A.150’s source at nv​.us