Proposed Bill: Partial Amendment to the Personal Information Protection Act

Proposed by Rep. Kim Seung-won (Democratic Party of Korea)

  • This bill would impose an enforcement surcharge on personal information controllers that refuse to submit materials necessary to verify legal violations, at a rate of 3/1,000 of average daily sales.

Proposed Bill: Partial Amendment to the Special Act on the Expansion of the National Power Grid

Proposed by Rep. Ahn Do-geol (Democratic Party of Korea)

  • This bill would allow private business entities to participate in national power grid development projects through the build-transfer model, under which private entities carry out a project and, upon completion, transfer the constructed facilities to the Korea Electric Power Corporation for operation.

Pending Bill: Partial Amendment to the Commercial Act

Proposed by Rep. Min Byoung-dug (Democratic Party of Korea)

  • This bill would require companies to cancel treasury shares within one year of acquisition, while allowing up to two years for cancellation when the shares represent less than three percent of total issued shares.

Promulgated Bill: Trucking Transport Business Act

Competent Authority: Ministry of Land, Infrastructure and Transport

  • The bill temporarily reintroduces the safe trucking freight rates system for three years from Jan. 1, 2026, to Dec. 31, 2028.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Passenger Transport Service Act

Competent Authority: Ministry of Land, Infrastructure and Transport

  • The draft amendment would extend the permissible service life of medium- and large-sized passenger cars used for rental services to seven and nine years, respectively. It also sets the service life of eco-friendly vehicles, such as electric and hydrogen-powered cars, at nine years.

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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.