ENFORCEMENT DECREE OF THE ACT ON THE MANAGEMENT AND PROMOTION OF REAL ESTATE DEVELOPMENT BUSINESS

Article 1(Purpose) #

The purpose of this Decree is to prescribe matters mandated by the Act on the Management and Promotion of Real Estate Development Business and matters necessary for the enforcement thereof.

Article 2(Right to use) #

“Rights prescribed by Presidential Decree to use such real estate” in subparagraph 5 of Article 2 of the Act on the Management and Promotion of Real Estate Development Business (hereinafter referred to as the "Act") means the right to use the real estate with priority or under favorable conditions over general users through an agreement with a real estate development business entity. <Amended on Dec. 15, 2015>

Article 3(Matters subject to registration of real estate development business) #

(1) "Size prescribed by Presidential Decree" in the main sentence of Article 4 (1), with the exception of its subparagraphs, of the Act means area classified as follows: <Amended on Sep. 8, 2015>

1. Buildings;

(a) Buildings consisting of both housing under subparagraph 1 of Article 2 of the Housing Act and the part used for purposes other than residential purposes (including 1 building connected with multiple buildings):

The aggregate total floor area of the part used for purposes other than residential purposes, out of the total floor area, shall be 3,000 square meters or 5,000 square meters per year; provided, it shall be limited to cases where the ratio of the total floor area of the part used for purposes other than residential purposes to the total floor area is at least 30 percent;

(b) Buildings other than those under item (a):

The total floor area of which is 3,000 square meters or 5,000 square meters per year;

2. Land:

The total floor area of which is 5,000 square meters or 10,000 square meters per year.

(2) “Persons prescribed by Presidential Decree, among public institutions under the Act on the Management of Public Institutions” in Article 4 (1) 2 of the Act means any of the following persons: <Amended on Jun. 26, 2009; Aug. 19, 2011; Jan. 25, 2012; Sep. 10, 2020; Sep. 26, 2023>

1. The Korea Railroad Corporation under the Korea Railroad Corporation Act;

2. The Korea Water Resources Corporation under the Korea Water Resources Corporation Act;

3. The Korea Expressway Corporation under the Korea Expressway Corporation Act;

4. The Korea Tourism Organization under the Korea Tourism Organization Act;

5. The Korea Airports Corporation under the Korea Airports Corporation Act;

6. The Incheon International Airport Corporation under the Incheon International Airport Corporation Act;

7. The Korea National Railway under the Korea National Railway Act;

8. The Jeju Free International City Development Center under the Special Act on the Establishment of Jeju Special Self-Governing Province and the Development of Free International City;

9. The Korea Rural Community Corporation under the Korea Rural Community Corporation and Farmland Management Fund Act;

10. The Korea Agro-Fisheries and Food Trade Corporation under the Korea Agro-Fisheries and Food Trade Corporation Act;

11. The Korea Industrial Complex Corporation under the Industrial Cluster Development and Factory Establishment Act;

12. Port authorities under the Port Authority Act;

13. The Korea Asset Management Corporation under the Act on the Establishment of Korea Asset Management Corporation.

(3) "Person capable of conducting real estate development projects in accordance with other statutes as prescribed by Presidential Decree" in Article 4 (1) 5 of the Act means any of the following persons; provided, this shall be limited to real estate development prescribed by the relevant statutes: <Amended on Aug. 19, 2011; Dec. 9, 2014; Aug. 11, 2016>

1. A person designated as an implementer in accordance with the Special Act on the Development of Enterprise Cities, the Urban Development Act, the Industrial Sites and Development Act, the Act on the Development and Management of Logistics Facilities, or any other statute;

2. A person who can implement an improvement project in accordance with the Act on the Improvement of Urban Areas and Residential Environments;

3. An implementer of a housing construction project or housing site preparation project not registered under Article 4 of the Housing Act, who can implement any of the following housing construction projects or housing site preparation projects:

(a) Housing construction projects: Less than 20 units of detached housing or 20 households of multi-family housing (less than 30 households in cases of urban residential housing under Article 10 (1) of the Enforcement Decree of the Housing Act and paragraph (2) 1 of that Article);

(b) Housing site preparation projects: The area of land with less than 10,000 square meters.

Article 4(Requirements for registration of real estate development business) #

(1) "Amount prescribed by Presidential Decree" in Article 4 (2) 1 of the Act means the amount classified as follows: <Amended on Aug. 19, 2011>

1. Corporations:

(a) In cases of a stock company, 300 million won in capital;

(b) In cases of a company other than a stock company, 300 million won in investment;

(c) In cases of a corporation, other than those under items (a) and (b), 300 million won which is the amount calculated by subtracting total liabilities from total assets;

2. Individuals:

600 million won in appraised value of business assets.

(2) "Facilities and real estate development experts prescribed by Presidential Decree are to be secured" in Article 4 (2) 2 of the Act means satisfying all of the following requirements: <Amended on Dec. 9, 2014; Sep. 18, 2018>

1. An office shall be secured;

2. At least 2 or more real estate development experts under Article 5 (1) of the Act (hereinafter referred to as "real estate development experts") shall work full-time. In such cases, such real estate development experts who are foreigners shall satisfy the requirements for the status of intra-company transfer, investment, or international trade under Appendix 1-2 of the Enforcement Decree of the Immigration Act.

(3) Where a foreigner who has a principal place of business in a foreign country or a corporation incorporated in accordance with statutes or regulations of a foreign country intends to file for registration of real estate development business, he or she shall establish a business place and make its registration in accordance with Article 614 of the Commercial Act.

Article 5(Procedures for registration of real estate development business) #

(1) A person who intends to file for registration of real estate development business in accordance with Article 4 (1) of the Act shall submit an application for registration of real estate development business, stating the following matters, to the Special Metropolitan City Mayor, a Metropolitan City Mayor, a Special Self-Governing City Mayor, a Do Governor, or a Special Self-Governing Province Governor (hereinafter referred to as "Mayor/Do Governor"), as prescribed by Decree of the Ministry of Land, Infrastructure and Transport: <Amended on Feb. 29, 2008; Mar. 23, 2013; Sep. 8, 2020>

1. Trade name;

2. Representative;

3. Location of business places;

4. Corporation registration number (resident registration number);

5. Nationality or the name of country of affiliation;

6. Other matters prescribed by Decree of the Ministry of Land, Infrastructure and Transport.

(2) Where necessary to examine whether a person who has submitted an application for registration in accordance with paragraph (1) is qualified for registration, a Mayor/Do Governor may actually confirm the requirements for registration. <Amended on Feb. 29, 2008; Mar. 23, 2013; Sep. 8, 2020>

Article 6(Registration of special-purpose corporations) #

(1) "Special-purpose corporation without full-time executive officers or employees which are prescribed by Presidential Decree" in Article 4 (3) of the Act means any of the following corporations: <Amended on Jul. 29, 2008; Aug. 19, 2011; Feb. 17, 2021>

1. An entrusted management real estate investment company or corporate restructuring real estate investment company under subparagraph 1 (b) or (c) of Article 2 of the Real Estate Investment Company Act;

2. An investment company, among real estate funds under subparagraph 2 of Article 229 of the Financial Investment Services and Capital Markets Act;

3. An investment company under Article 104-31 (1) of the Act on Restriction on Special Cases concerning Taxation.

(2) A special-purpose corporation without full-time executive officers or employees incorporated for real estate development under Article 4 (3) of the Act shall meet all of the following requirements when it intends to file for registration of real estate development business in accordance with Article 4 (1) of the Act: <Amended on Jul. 29, 2008; Dec. 9, 2014; Feb. 17, 2021>

1. Its capital shall be at least 500 million won;

2. Any of the following persons shall have concluded a contract to entrust work regarding investment and operation of assets or management, operation, and disposal of assets with a person who has secured an office and at least 5 full-time real estate development experts:

(a) An asset management company entrusted with the investment and operation of assets in accordance with Article 22-2 (1) of the Real Estate Investment Company Act by a company falling under paragraph (1) 1;

(b) A collective investment business entity engaged in the management of the property of the relevant investment company in accordance with Article 184 (2) of the Financial Investment Services and Capital Markets Act from an investment company falling under paragraph (1) 2;

(c) An asset management company entrusted with the management, operation, and disposal of assets by an investment company falling under paragraph (1) 3 in accordance with Article 104-28 (4) 2 of the Enforcement Decree of the Act on Restriction on Special Cases concerning Taxation.

Article 7(Real estate development by joint project entities) #

(1) Any landowner who intends to jointly develop real estate with registered business entities in accordance with Article 4 (4) of the Act shall meet all of the following requirements:

1. He or she shall have secured ownership of the land subject to real estate development;

2. Where the land under subparagraph 1 is subject to a mortgage, provisionally-registered security right, provisional seizure, etc. (hereafter referred to as "mortgage, etc." in this subparagraph), such mortgage, etc. shall be cancelled before the sale of the relevant real estate; provided, this shall not apply where the holder of the mortgage, etc. has obtained consent to the implementation of the relevant project.

(2) Landowners and registered business entities who intend to jointly develop real estate in accordance with paragraph (1) shall conclude an agreement on the use and disposal of developed real estate, distribution of profits, bearing of project costs, project period, and other various responsibilities for the implementation of projects.

(3) The Minister of Land, Infrastructure and Transport may determine and publicly notify standards for the matters agreed upon between landowners and registered business entities under paragraph (2) and may recommend them to comply with such standards. <Added on Apr. 13, 2010; Mar. 23, 2013>

Article 8 #

Deleted. <Dec. 9, 2014>

Article 9(Qualifications of real estate development experts) #

(1) "Persons who satisfy the qualifications prescribed by Presidential Decree" in the provisions, with the exception of the subparagraphs, of Article 5 (1) of the Act means persons who meet the qualification requirements classified in Appendix 1.

(2) "Persons prescribed by Presidential Decree" in Article 5 (1) 4 of the Act means each of the following persons: <Amended on Feb. 29, 2008; Nov. 15, 2010; Mar. 23, 2013; Dec. 15, 2015; Aug. 9, 2022>

1. Deleted; <Aug. 19, 2011>

2. A person who is registered with, or has been registered with, the Minister of Land, Infrastructure and Transport as personnel specializing in asset management in accordance with the Real Estate Investment Company Act;

3. A person who has been engaged in finance and examination of real estate development at any of the following financial companies:

(a) Mutual savings banks under the Mutual Savings Banks Act;

(b) Banks under the Banking Act;

(c) Securities finance companies under the Financial Investment Services and Capital Markets Act;

4. A person who has been engaged in the acquisition, disposal, management, development, or consultation of real estate at any of the following institutions, etc., who meets the standards determined and publicly notified by the Minister of Land, Infrastructure and Transport:

(a) The State;

(b) Local governments;

(c) Public institutions under Article 4 (1) 2 of the Act;

(d) Local government-invested public corporations and local public agencies under Article 4 (1) 3 of the Act;

(e) A corporation or an individual office engaged in real estate development business whose business performance and sales of real estate development exceeds the scale determined and publicly notified by the Minister of Land, Infrastructure and Transport.

Article 10(Educational institutions for real estate development experts) #

(1) Educational institutions to provide prior education and training courses under Article 5 (2) and (3) of the Act shall be designated and publicly notified by the Minister of Land, Infrastructure and Transport from among the following institutions and organizations:

1. Universities or colleges under subparagraph 1 of Article 2 of the Higher Education Act (limited to cases where educational courses related to real estate development have been established);

2. Institutions specializing in education in real estate development and related fields among public institutions under the Act on the Management of Public Institutions;

3. Real estate development business entities' organization (including affiliated research institutes) established in accordance with Article 29 of the Act;

4. Academic societies, institutions, or organizations that conduct research and work related to real estate development;

5. Educational institutions affiliated with the Ministry of Land, Infrastructure and Transport.

(2) Requirements and procedures for designation of educational institutions under paragraph (1) and other necessary matters shall be prescribed by Decree of the Ministry of Land, Infrastructure and Transport.

[This Article Wholly Amended on Aug. 9, 2022]

Article 10-2(Educational courses for real estate development experts) #

(1) Prior education under Article 5 (2) of the Act (hereafter referred to as "prior education" in this Article) shall include the following:

1. Matters regarding statutes and regulations, taxation and accounting system, etc. related to real estate development;

2. Matters regarding financing necessary for real estate development, analysis of real estate development cases, etc.;

3. Professional ethics necessary for real estate development experts;

4. Other matters regarding real estate development and operation of real estate development business.

(2) Training courses under Article 5 (2) and (3) of the Act (hereafter referred to as "training courses" in this Article) shall include the following:

1. Matters under subparagraphs 1 and 3 of paragraph (1);

2. Trends of change in real estate development business conditions and recent real estate development cases;

3. Other matters regarding operation of real estate development business.

(3) Hours of prior education and training courses shall be determined and publicly notified by the Minister of Land, Infrastructure and Transport within the scope classified as follows:

1. Prior education: At least 60, but not more than 80 hours;

2. Training courses: At least 20, but not more than 30 hours.

(4) The Minister of Land, Infrastructure and Transport may grant exemption from prior educational courses for each field of qualifications classified as specified in Appendix 1, taking into consideration expertise of real estate development experts.

(5) Except as provided in paragraphs (1) through (4), detailed educational courses of prior education and training courses, exemption from prior education by field of qualification and other necessary matters shall be determined and publicly notified by the Minister of Land, Infrastructure and Transport.

[This Article Added on Aug. 9, 2022]

Article 11(Subjects of application for change in matters entered in certificate of registration of real estate development business) #

"Cases of any change in the matters prescribed by Presidential Decree" in Article 7 (2) of the Act means where any of the following matters is changed; provided, this shall not apply where any of the following matters is changed by transfer, merger, or inheritance under Article 11 (1) or (5) of the Act:

1. Trade name;

2. Representative;

3. Location of business places;

4. Corporation registration number (resident registration number);

5. Nationality or the name of country of affiliation.

Article 12(Matters to be labelled or advertised) #

(1) Where a registered business entity puts a label or advertisement regarding real estate development in accordance with Article 8 (2) of the Act, matters to be disclosed in the label or advertisement shall be as follows: <Amended on Feb. 29, 2008; Mar. 23, 2013>

1. The trade name, title, registration number, and location of the principal place of business of the registered business entity;

2. In cases of joint real estate development in accordance with Article 4 (4) of the Act, matters regarding whether to implement the joint project and the joint project entities;

3. Matters regarding authorization, permission, etc. necessary for real estate development;

4. Other necessary matters for the protection of consumers, as determined and publicly notified by the Minister of Land, Infrastructure and Transport.

(2) Where any matter falling under any subparagraph of paragraph (1) is processed as subtitles in an advertisement using broadcast media, such matter may be deemed to have been labeled or advertised in accordance with Article 8 (2) of the Act.

(3) Detailed standards, etc. under paragraphs (1) and (2) shall be determined and publicly notified by the Minister of Land, Infrastructure and Transport. <Amended on Feb. 29, 2008; Mar. 23, 2013>

Article 13(Details of transfer of real estate development business) #

"Rights and obligations prescribed by Presidential Decree" in Article 13 of the Act means the following rights and obligations; provided, this shall be limited to cases where there is no restriction on transfer under other statutes or regulations and the requirements necessary for transfer are satisfied: <Amended on Feb. 18, 2020>

1. Rights and obligations regarding real estate purchased for real estate development;

2. Rights and obligations regarding authorization, permission, etc. necessary for real estate development;

3. Rights and obligations under construction contracts concluded with constructors;

4. Rights and obligations under supply contracts concluded with consumers.

Article 14(Establishment and operation of comprehensive management system of information on real estate development business) #

The Minister of Land, Infrastructure and Transport may conduct any of the following affairs for the purpose of promoting an efficient establishment and utilization of the comprehensive management system of information on real estate development business under Article 19 (2) of the Act: <Amended on Feb. 29, 2008; Mar. 23, 2013>

1. Various research and development and technical support for the establishment and operation of the comprehensive management system of information on real estate development business;

2. Implementation of joint projects for the establishment of the comprehensive management system of information on real estate development business;

3. Promotion of the joint utilization of information using the comprehensive management system of information on real estate development business.

Article 15(Investigation into violations) #

(1) "Data or matters prescribed by Presidential Decree" in the provisions, with the exception of its subparagraphs, of Article 21 (1) of the Act means computerized data, voice recording, and video materials deemed related to violations.

(2) Where a Mayor/Do Governor intends to require parties concerned, etc. to appear and listen to their opinions in accordance with Article 21 (1) 1 of the Act, he or she shall send a written request for appearance, stating the matters regarding violations, the name of the other party, the date, time, and place of appearance, etc. to the parties concerned, etc. <Amended on Feb. 29, 2008; Mar. 23, 2013; Sep. 8, 2020>

(3) An order to submit a report on management status and other necessary data or matters under Article 21 (1) 2 of the Act shall be issued in writing stating the matters regarding violations, date and time of submission, reported or submitted data, etc.

(4) The order to submit materials or articles under Article 21 (2) of the Act shall be limited to the minimum scope necessary for the investigation under paragraph (1) of that Article.

Article 16(Publication of fact of being subject to disposition of corrective measures) #

(1) Where it is obvious that the effects of violations continue to exist and damage to consumers continues to sustain, a Mayor/Do Governor may order the relevant registered business entity or its executive officers or employees to publish the fact of being subject to disposition of corrective measures in accordance with Article 22 (2) 3 of the Act, along with corrective measures under Article 22 (1) of the Act. In such cases, the Mayor/Do Governor shall order the publication by determining the details and frequency of the publication, the size of the text of the publication, the medium for publication, etc. in consideration of the following matters: <Amended on Feb. 29, 2008; Mar. 23, 2013; Sep. 8, 2020>

1. Details of violations;

2. Period and frequency of violations;

3. Scope and degree of consumer damage caused by violations.

(2) The Mayor/Do Governor shall provide a person subject to disposition of corrective measures with an opportunity to submit explanatory materials or to state his or her opinion before issuing an order to publish the fact of being subject to disposition of corrective measures in accordance with Article 22 (2) 3 of the Act. <Added on Dec. 9, 2014; Sep. 8, 2020>

(3) When the Mayor/Do Governor issues an order to publish the fact of being subject to corrective measures in accordance with paragraph (1), he or she may have the relevant registered business entity or its executive officers or employees consult in advance on the text of the publication. <Added on Sep. 8, 2020>

(4) A person in receipt of an order to publish the fact of being subject to disposition of corrective measures in accordance with Article 22 (2) 3 of the Act shall publish such fact in newspapers, electronic media, places of business, etc. under subparagraph 1 of Article 2 of the Act on the Promotion of Newspapers on the date he or she meets all the following requirements: <Amended on Dec. 3, 2008; Jan. 27, 2010; Dec. 9, 2014; Sep. 8, 2020>

1. That it shall be published within 30 days from the date to be published;

2. That Saturdays and holidays and substitute public holidays under the Regulations on Public Holidays of Government Offices shall be excluded.

(5) Except as provided in paragraphs (1) through (4), Mayors/Do Governors may determine matters necessary for procedures, etc. for publication of the fact of being subject to disposition of corrective measures. <Amended on Feb. 29, 2008; Mar. 23, 2013; Dec. 9, 2014; Sep. 8, 2020>

Article 17(Organization for mediation of disputes over consumer loss) #

"Organization for mediation of disputes over consumer loss prescribed by Presidential Decree" in Article 23 (1) of the Act means the Korea Consumer Agency under the Framework Act on Consumers.

Article 18(Procedures for not taking corrective measures) #

A registered business entity or an executive officer or employee who accepts and complies with recommendations or mediations proposed by the organization for mediation of disputes over consumer loss under Article 23 (1) of the Act shall submit documents verifying that he or she has complied with the recommendations or mediations to the Mayor/Do Governor within 10 days from the date of compliance. <Amended on Feb. 29, 2008; Mar. 23, 2013; Sep. 8, 2020>

[Title Amended on Sep. 8, 2020]

Article 18-2(Criteria and procedures for imposition of penalty surcharges) #

(1) Criteria for imposition of penalty surcharges under Article 24-2 (1) of the Act shall be as specified in Appendix 1-2.

(2) Where a Mayor/Do Governor intends to impose a penalty surcharge in accordance with Article 24-2 (1) of the Act, he or she shall notify the person subject to the penalty surcharge of the type of violation and the penalty surcharge in writing.

(3) A person in receipt of a notice under paragraph (2) shall pay a penalty surcharge to a collecting agency designated by the Mayor/Do Governor within 30 days from the date of receipt of the notice. <Amended on Dec. 12, 2023>

(4) The collecting agency which collected a penalty surcharge in accordance with paragraph (3) shall issue a receipt to the relevant payer, and shall inform the Mayor/Do Governor of the payment of the penalty surcharge without delay.

[This Article Added on Aug. 9, 2022]

Article 19(Temporary failure to meet registration requirements) #

"Cases prescribed by Presidential Decree" in the proviso of Article 25 (2) 1 of the Act means any of the following cases: <Amended on Apr. 13, 2010; Apr. 29, 2016>

1. In cases of failure to meet the requirements for capital under Article 4 (1) or Article 6 (2) 1, any of the following cases:

(a) Where the court decides to commence rehabilitation procedures in accordance with the Debtor Rehabilitation and Bankruptcy Act and such procedures are pending;

(b) Where the Council of Financial Creditors has made a resolution on the commencement of joint management procedures by the Council of Financial Creditors in accordance with the Corporate Restructuring Promotion Act and such procedures are pending;

2. In cases of failure to meet the requirements for real estate development experts under Article 4 (2) 2 or Article 6 (2) 2, and 80 days have not elapsed since the date of occurrence of the ground for such failure.

Article 20(Articles of association) #

The articles of association of a real estate development business entities' organization established in accordance with Article 29 of the Act (hereinafter referred to as the "Association") shall include the following matters:

1. Purpose;

2. Name;

3. Location of the principal office;

4. Details of business;

5. Qualifications of members;

6. Number, term of office, and election method of executives (chairperson, vice chairperson, directors, and auditors);

7. Composition of general meetings and matters subject to resolution;

8. Composition of the board of directors and matters subject to resolution;

9. Matters regarding assets and accounting (including matters regarding audits);

10. Procedures for amending the articles of association.

Article 21(Authorization for establishment of association) #

(1) The Minister of Land, Infrastructure and Transport may grant authorization only where the details of an application for authorization to establish the Association meet the following standards: <Amended on Feb. 29, 2008; Mar. 23, 2013; Sep. 26, 2023>

1. The purpose and business of the Association shall be appropriate and feasible under this Act;

2. The members of the Association shall be registered business entities;

3. The Association shall have sufficient capability to perform intended business, and shall have an established financial basis or shall be able to establish a financial basis;

4. The Association shall not have the same name as any other corporation.

(2) Where the Minister of Land, Infrastructure and Transport grants authorization to establish the Association in accordance with Article 29 (4) of the Act, he or she shall publicly announce its details on the website of the Ministry of Land, Infrastructure and Transport. <Added on Sep. 26, 2023>

Article 22 #

Deleted. <Sep. 26, 2023>

Article 23(Business affairs and supervision of association) #

(1) "Business affairs prescribed by Presidential Decree" in Article 30 (1) 6 of the Act means the following: <Amended on Feb. 29, 2008; Mar. 23, 2013; Sep. 8, 2020>

1. Business affairs regarding promotion of members' welfare and protection of their rights and interests;

2. Business affairs regarding public relations of the Association and issuance of publications;

3. Business affairs prescribed by the articles of association, which are necessary for achieving the objectives of establishment of the Association;

4. Other business affairs entrusted by the Minister of Land, Infrastructure and Transport or Mayors/Do Governors.

(2) If it is necessary to investigate or inspect the business affairs of the Association due to any of the acts falling under any of the subparagraphs of Article 29 (5) of the Act, the Minister of Land, Infrastructure and Transport may have public officials under his or her jurisdiction enter the Association's office to conduct an investigation or inspection. <Amended on Feb. 29, 2008; Mar. 23, 2013; Sep. 26, 2023>

(3) A public official who investigates or inspects the business affairs of the Association in accordance with paragraph (2) shall carry a certificate indicating his or her authority and present it to relevant persons.

Article 24 #

Deleted. <Sep. 8, 2020>

Article 25(Entrustment of business affairs) #

(1) The Minister of Land, Infrastructure and Transport or a Mayor/Do Governor shall entrust an institution designated and publicly notified in accordance with paragraph (2) with the following business affairs to in accordance with Article 34 (2) of the Act: <Added on Apr. 11, 2017; Sep. 8, 2020>

1. Receipt of applications for registration of real estate development business under Article 4 of the Act and verification of the details thereof;

2. Receipt of applications for change in matters entered in a certificate of registration of real estate development business under Article 7 (2) of the Act and verification of the details thereof;

3. Receipt of reports on transfer or merger of, and succession to real estate development business under Article 11 of the Act and verification of the details thereof;

4. Receipt of reports on business records, change in capital, and change in executive officers and real estate development experts of registered business entities under Article 17 of the Act and verification of the details thereof;

5. Establishment and operation of a comprehensive management system of information on real estate development business under Article 19 (2) of the Act.

(2) A person to be entrusted with the business affairs under paragraph (1) shall be designated and publicly notified by the Minister of Land, Infrastructure and Transport or a Mayor/Do Governor from among the following institutions having human resources, equipment, and expertise capable of conducting the entrusted business affairs: <Amended on Feb. 29, 2008; Mar. 23, 2013; Apr. 11, 2017; Sep. 8, 2020>

1. Government-funded research institutes established in accordance with the Act on the Establishment, Operation and Fostering of Government-Funded Research Institutes;

2. Institutions which conduct business affairs regarding real estate development among public institutions under the Act on the Management of Public Institutions;

3. The Association.

(3) Where the Minister of Land, Infrastructure and Transport or a Mayor/Do Governor designates any entrusted institution in accordance with paragraph (2), he or she shall determine and publicly notify the business affairs to be entrusted, methods of handling such affairs, and other necessary matters. <Amended on Feb. 29, 2008; Mar. 23, 2013; Apr. 11, 2017; Sep. 8, 2020>

(4) An institution entrusted with business affairs in accordance with paragraph (2) shall submit the results of handling the entrusted business affairs to the Minister of Land, Infrastructure and Transport or a Mayor/Do Governor by the end of the following month as of the end of each quarter. <Added on Sep. 8, 2020>

Article 25-2(Processing of sensitive information and personally identifiable information) #

(1) The Minister of Land, Infrastructure and Transport (including a person delegated or entrusted with the authorities of the Minister of Land, Infrastructure and Transport in accordance with Article 34 of the Act) may manage data containing resident registration numbers, passport numbers, or alien registration numbers under subparagraph 1, 2, or 4 of Article 19 of the Enforcement Decree of the Personal Information Protection Act, if it is inevitable to conduct business affairs regarding the establishment and operation of the comprehensive management system for information on real estate development business under Article 19 (2) of the Act. <Added on Sep. 8, 2020>

(2) A Mayor/Do Governor (where the relevant authority is delegated or entrusted, including a person to whom such authority is delegated or entrusted) may manage information corresponding to criminal history records under subparagraph 2 of Article 18 of the Enforcement Decree of the Personal Information Protection Act (limited to business affairs under subparagraphs 2 and 4) and data containing resident registration numbers, passport numbers, or alien registration numbers under subparagraph 1, 2, or 4 of Article 19 of that Decree, if it is inevitable to conduct the following affairs: <Amended on Mar. 23, 2013; Sep. 8, 2020; Sep. 26, 2023>

1. Affairs regarding the registration, etc. of real estate development business under Article 4 of the Act;

2. Affairs regarding the verification of grounds for disqualification of registration of real estate development business under Article 6 of the Act;

3. Affairs regarding the delivery of a certificate of registration and application, etc. for change thereof under Article 7 of the Act;

4. Affairs regarding the transfer, etc. of real estate development business under Article 11 of the Act;

5. Affairs regarding the closure, etc. of real estate development business under Article 15 of the Act.

[This Article Added on Jan. 16, 2013]

[Title Amended on Sep. 29, 2023]

Article 26(Criteria for imposing administrative fines) #

(1) Deleted. <Apr. 13, 2010>

(2) Deleted. <Apr. 13, 2010>

(3) The criteria for imposing administrative fines under the provisions of Article 40 (1) through (3) of the Act shall be as specified in Appendix 2. <Amended on Sep. 8, 2020>

(4) The Mayor/Do Governor may aggravate or mitigate an administrative fine by up to 1/2 of the standard amount thereof under paragraph (3) in consideration of the motive, details, frequency, etc. of violations. In such cases, even when aggravated, the administrative fine shall not exceed the amount under Article 40 of the Act. <Amended on Feb. 29, 2008; Mar. 23, 2013; Sep. 8, 2020>

(5) Deleted. <Apr. 13, 2010>