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| ▲ This undated file photo shows Rep. Kim Hyun-jung of the ruling Democratic Party. (Yonhap) |
ruling party-property regulator
Ruling party to propose bill on setting up regulator on property markets
By Yi Wonju
SEOUL, Feb. 10 (Yonhap) -- The ruling Democratic Party (DP) is set to propose a bill Tuesday to establish a state regulator that would supervise the property markets and boost oversight into unfair trading in the real estate industry.
The bill, sponsored by Rep. Kim Hyun-jung of the DP, calls for the creation of the real estate watchdog that would oversee and if necessary, conduct investigations into irregularities that arise in the real estate market.
The agency, to be set up under the prime minister's office, will be granted the authority to access credit information of individuals, including their financial transaction records and the loan status, without a court warrant.
It will, however, be required to undergo deliberation by a separate supervisory council within the agency to exercise that authority.
Kim said the bill aims to ensure market transparency and "realize the constitutional value of protecting the public's right to housing."
The lawmaker is also set to propose a separate bill that will grant special judicial police powers to officials at the supervisory body to facilitate investigations.
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