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[Bills in Focus] Bills to boost construction investment, AI business

By Korea Herald

Published : May 13, 2024 - 13:00

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Proposed Bill: Partial Amendment to the Restitution of Development Gains Act

Proposed by Rep. Suh Bum-soo (People Power Party)

● In 2023, construction permits were issued for a total area of land 25.6 percent smaller than last year, while the area of land under construction also decreased by 31.7 percent. Considering the significant impact that construction investment and the real estate market have on local economies and the job market, development charges must be alleviated to improve economic sentiment. Therefore, this amendment proposes to boost construction investment by reducing development charges for development projects that receive authorization, etc., from January 1, 2024, to December 31, 2024.

Proposed Bill: Partial Amendment to the Community Credit Cooperatives Act

Proposed by Rep. Kim Seung-su (People Power Party)

●The current Act prescribes that the qualifications for full-time executive officers of a credit cooperative shall be determined by the Presidential Decree. While the term “full-time executive officer” includes full-time chairpersons, full-time directors, and full-time auditors, the previous Presidential Decree only specified the qualification of full-time directors. Recently, the Presidential Decree was amended to enhance the management expertise of community credit cooperatives by expanding the qualification requirements to include full-time chairpersons and full-time auditors.

However, this amendment improves the management of community credit cooperatives by qualifying individuals with sufficient experience as a member or delegate of a credit cooperative to be appointed or elected as a full-time executive officer.

Pending Bill: Act on Artificial Intelligence Industry Promotion and Trust Securement

Proposed by Rep. Yoon Doo-hyun (People Power Party)

● This bill establishes legal grounds to support the AI industry and mandates businesses utilizing AI technologies in high-risk sectors to ensure safety and credibility. It thereby aims to protect the rights, interests, and dignity of the public and strengthen national competitiveness.

Promulgated Bill: Act on the Promotion of Utilization and Support of Urban Air Mobility

Competent Authority: Ministry of Land, Infrastructure and Transport

● This bill facilitates the advancement of new UAM technologies and the development of relevant services, such as air taxis, without being limited to existing aviation laws.

Administrative Announcement: Partial Amendment to the Enforcement Decree of the Personal Information Protection Act

Competent Authority: Personal Information Protection Commission

● With the upcoming implementation of the personal information transmission request system (MyData), this amendment distinguishes the type of data transmission based on the data recipient of personal data and stipulates the standards and methods of transmission to protect the data subject’s right to receive personal data. Moreover, this amendment provides grounds for preventing the re-designation of inactive and non-performing data combination institutes that have no track record of combining pseudonymized information during the redesignation review.

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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.

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For any queries about the bills, contact cr@draju.com.