Support for Jeonse Fraud Victims Using LH Auction Profits

'Jeonse Fraud Special Act' Passes Land, Infrastructure and Transport Committee Subcommittee
Aiming for Passage at National Assembly Plenary Session on the 28th

On the 20th, the ruling and opposition parties agreed on the amendment to the Special Act on Jeonse Fraud.

On the 20th, the ruling and opposition parties held a subcommittee meeting of the Land, Infrastructure and Transport Committee to review the Special Act on Jeonse Fraud and reached an agreement to pass the amendment.

National Assembly Building. Photo by Dongju Yoon doso7@

The core of the bipartisan agreement is that, in addition to the existing method where the Korea Land and Housing Corporation (LH) purchases the jeonse fraud victim's house through auction and provides it to the victim as public rental housing for a long term, victims can also receive the auction price difference.

In addition, the amendment includes provisions to strengthen the choice rights of jeonse fraud victims and to include victims of double contracts within the scope of relief. Accordingly, LH can sign a jeonse contract with the landlord of a private house that the victim wishes to reside in and provide it to the victim, thereby expanding the victim's housing choice rights. Regarding the scope of victim relief, jeonse fraud victims with deposit contracts between 500 million and 700 million KRW can also be considered victims.

The ruling and opposition parties plan to hold a plenary session of the Land, Infrastructure and Transport Committee on the 21st to approve the amendment and then process it at the plenary session on the 28th.