Seoul: The ruling Democratic Party (DP) is preparing to propose a bill aimed at establishing a state regulator to supervise property markets and enhance oversight of unfair practices in the real estate sector. The proposal is scheduled to be presented on Tuesday and seeks to create a watchdog agency tasked with ensuring transparency and accountability in real estate transactions.
According to Yonhap News Agency, the bill is sponsored by Rep. Kim Hyun-jung of the DP and outlines the formation of a regulatory body under the jurisdiction of the prime minister's office. This agency will be empowered to access individuals' credit information, including financial transaction records and loan status, without requiring a court warrant. However, such actions will be subject to review by a separate supervisory council within the agency.
Rep. Kim stated that the bill's objective is to increase market transparency and uphold the constitutional value of protecting the public's right to housing. In addition to this proposal, the lawmaker plans to introduce another bill aimed at granting special judicial police powers to officials within the supervisory body to aid in conducting investigations.