South Korea Passes Special Act Amendment to Guarantee Minimum Jeonse Deposit for Victims

The National Assembly's passage of the revised Special Act on Support for and Stabilization of Housing for Victims of Jeonse Fraud marks a crucial step forward in addressing the pervasive issue of jeonse scams that have plagued South Korean renters. For too long, victims have been left in precarious situations, facing devastating financial losses and housing insecurity after falling prey to fraudulent schemes.

This revised legislation, particularly the 'minimum guarantee system for jeonse deposits,' offers a much-needed safety net. By ensuring that victims receive at least one-third of their deposit directly from state finances, the law provides tangible relief and a measure of justice. The inclusion of support for public rental housing for those whose properties were not sold at auction further demonstrates a commitment to preventing homelessness and offering stable alternatives.

While this is a significant victory for victims, the underlying issues that allow such scams to proliferate must also be addressed. The Hankyoreh, as a publication committed to social justice and the welfare of ordinary citizens, will continue to scrutinize the implementation of this law and advocate for stronger preventative measures to protect renters from future exploitation. The emotional and financial toll on victims, like the 30-year-old in Incheon who tragically lost their life after being defrauded, underscores the urgency and importance of this legislative action.