Jinju City Extends Guidance Period for 'Housing Lease Contract Reporting System' by One Year

One-Year Grace Period for Imposition of Lease Reporting Fines Maintained

Jinju City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Jinju City, Gyeongnam Province, will extend the guidance period for the 'Housing Lease Contract Reporting System,' which has been in effect since June 1, 2021, for one more year until May 31, 2023.

The reason for extending the guidance period is that, considering that lease contracts typically last two years, it was judged that more time is needed for the system to settle due to insufficient publicity to the majority of citizens and the contract period not yet arriving.

Accordingly, the guidance period for the lease reporting system will operate for a total of two years from June 1, 2021, to May 31, 2023, and no fines will be imposed during the guidance period.

The lease reporting system is a system that requires the parties to a lease contract to report contract details such as the lease period and rent, thereby disclosing lease market information and protecting the rights of tenants.

The reporting target includes housing lease contracts (new, renewal, change, cancellation) where the deposit exceeds 60 million KRW or the monthly rent exceeds 300,000 KRW.

The lease reporting method can be done by visiting the administrative welfare center of the town, township, or neighborhood within 30 days from the contract signing date or online. Both the lessor and lessee must report jointly; however, for convenience, if one party submits the original contract, it will be processed as a joint report.

A fine of up to 1 million KRW will be imposed for failure to report or false reporting. However, reporting obligations are exempted in the case of contract renewals where only the contract period is extended without rent changes.

A city official stated, “Housing lease reporting also has the effect of granting a fixed date under the Housing Lease Protection Act, which is meaningful for protecting tenants' rights,” and added, “Since the purpose is not to impose fines, we will foster a voluntary reporting atmosphere to establish the system.”