Proposed Bill: Partial Amendment to the Act on the Protection of Financial Consumers
Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea)
● This bill would expand the scope of application of the act to cover all mutual finance institutions, including agricultural cooperatives and community credit cooperatives.
Proposed Bill: Partial Amendment to the Special Act on Private Rental Housing
Proposed by Rep. Bok Ki-wang (Democratic Party of Korea)
● This bill would allow the construction of apartments as six-year short-term private rental housing.
Pending Bill: Partial Amendment to the Commercial Act
Proposed by Rep. Kim Hyun-jung (Democratic Party of Korea)
● This bill would mandate the immediate cancellation of treasury stocks upon acquisition and require treasury stocks acquired before the enforcement of the bill to be canceled within six months.
Promulgated Bill: Airport Facilities Act
Competent Authority: Ministry of Land, Infrastructure and Transport
● This bill establishes a system to predict bird strikes and codifies airport facility standards requiring that structures installed near runways be constructed from frangible materials and designed with minimum height and weight to reduce risks to aircraft.
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The Korea Herald republishes a weekly legislative report by local law firm DR & AJU LLC to provide the latest information on bills approved, proposed, pending and set to be promulgated. — Ed.
For queries about the bills, contact cr@draju.com.
