Unit Four Vocab
Workers’ Compensation Legislation
insurance that covers medical and rehabilitation costs and lost wages for employees injured at work; required by law in all states
- Ex: Someone works for an official dog-walking company. During the walk, the leash malfuntions and the wire cuts the walker's arm, requiring them to get stitches. The company must pay for the employee's hospital fees.
Equal credit opportunity Act
a United States law, enacted in 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age
- A young 18 year old man goes into a bank to acquire a credit card. The bank teller feels he is too young, but is required to give him one anyway.
Fair credit collection pracitces act
A Federal law that limits the behavior and actions of debt collectors who are attempting to collect the debt for another person or entity. The law restricts the means and methods by which they can contact the debtor, as well as the time of day that contact can be made. If violated, suit may be brought within one year to collect damages and attorney fees