The Ministry of Land, Infrastructure and Transport, the financial sector, and housing public enterprises have built a close cooperation system to solve the jeonse fraud problem.
The Ministry of Land, Infrastructure and Transport said Vice Minister Kim Ei-tak attended the "MOU signing ceremony to expand support for jeonse fraud victims and prevent damage" on the morning of the 10th in Seoul, joined by the Ministry of Land, Infrastructure and Transport (MOLIT), KB Kookmin Bank, and Korea Housing & Urban Guarantee Corporation (HUG).
At the event, key officials from each organization, including Vice Minister Kim, Seo Gi-won, KB Kookmin Bank vice president, and Choi In-ho, HUG president, were in attendance.
The agreement signed this time centers on the three institutions working organically together to provide relief to those suffering from jeonse fraud and to block such crimes at the source.
Under the agreement, the three institutions will first support the expense needed to secure legal authority—such as security deposit return lawsuits or payment orders—to start auctions of dwellings damaged by jeonse fraud. They also plan to continue subsidizing the actual costs, including attorney fees, so that the complicated court and public auction procedures proceed smoothly.
In addition, they plan to jointly carry out public outreach activities, including producing preventive content to head off fraud in advance and providing on-site, roving counseling and education programs.
Vice Minister Kim said, "For victims to quickly return to daily life, it is necessary to push forward without setbacks not only with housing and financial support but also with various support projects such as legal assistance and court and public auction support," adding, "Through this MOU, the public and private sectors will work together to provide robust support to victims, and we will also make every effort on publicity and institutional improvements to prevent jeonse fraud."