Nevada Revised Statutes 676A.150 – ‘Debt settlement services’ defined
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‘Debt settlement services’ means debt-management services which contemplate that:
Terms Used In Nevada Revised Statutes 676A.150
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
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.