“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.