The amendment to extend the 'Special law on support for victims of jeonse fraud' for 2 years passed the National Assembly plenary session on the 1st. The bill includes provisions for the Korea Land and Housing Corporation (LH) to acquire dwellings affected by jeonse fraud through purchase and auction, and support victims with the proceeds from the auctions. The termination date of the special law has been extended from May 31 of this year to May 31, 2027. Accordingly, applications for victim determination under the special law can be submitted until May 31, 2027, and those designated as victims will receive support such as residential, financial, and special measures for public or private auctions.
The bill to enact the 'Real Estate Development Project Management Act,' which includes the establishment of a unified management system for real estate project financing (PF), the establishment of a committee for the adjustment of real estate development projects, and the preparation of PF business feasibility evaluation criteria, has also been finalized.
The Ministry of Land, Infrastructure and Transport noted in a press reference material distributed after passing the National Assembly plenary session on the 1st, "Tenants who sign a lease contract for the first time after June 1 this year are excluded from the application of the law, and care is needed to verify the rights on the certificate of registration at the time of signing the contract."
An amendment to the housing & urban fund law, allowing tenants to check the history of jeonse guarantee accidents without the landlord's consent if requested, also passed the plenary session that day.
The amendment includes provisions to publicly disclose details such as the number of jeonse guarantee enrollments held by the Housing and Urban Guarantee Corporation (HUG), guarantee accident history, whether they are eligible for guarantee enrollment prohibition, and whether the landlord has had debts to HUG in the last 3 years without the landlord's consent.
The bill to enact the Real Estate Development Project Management Act, which passed the National Assembly on the same day, details the establishment of a 'PF unified management system' that provides a comprehensive view of real estate development project information to systematically manage real estate PF. Additionally, a 'Real Estate Development Project Adjustment Committee' will be established to mediate conflicts among stakeholders that arise during the real estate development process and support the normalization of projects. While a 'Private-Public Joint PF Adjustment Committee' is currently operational, there have been demands from the industry for legal binding due to the lack of such authority.
The 'Real Estate Investment Company Act,' including provisions for allowing real estate investment trusts (REITs) to engage not only in real estate investment but also in development and operation, as well as the introduction of 'local symbiosis REITs' that prioritize subscription qualifications for local residents, also passed the plenary session.
The bills for the enactment of the Real Estate Development Project Management Act and the amendment of the Real Estate Investment Company Act will take effect after six months from the date of promulgation.
On that day, the amendment to the 'Special law on underground safety management,' which allows the government to conduct on-site investigations in areas at risk of subsidence by its authority, also passed.
Previously, local governments conducted on-site investigations of underground facilities and surrounding ground in their jurisdictions, but with this law amendment, the Ministry of Land, Infrastructure and Transport has gained the authority to conduct its own investigations. The ministry plans to collaborate with the local land management offices and the Korea Land Safety Agency to select and jointly conduct ground explorations in risk areas.
The Ministry of Land, Infrastructure and Transport stated, "We plan to proceed with institutional improvements such as preparing subordinate laws to ensure stable ground explorations without any setbacks."