Jeju Special Self-Governing Province announced on the 8th that fines will be imposed for violations of the housing lease contract reporting system starting June 1st, following the expiration of the grace period.

The 'Housing Lease Contract Reporting System,' implemented on June 1, 2021, is a system aimed at securing transparency in the rental market information and protecting tenants' rights. It has been operated under a grace period for the past four years.

The reporting requirement applies to new, modified, and terminated housing lease contracts with a security deposit exceeding 60 million KRW or a monthly rent exceeding 300,000 KRW.

Contracting parties must apply online through the Real Estate Transaction Management System or visit the community center (Eup, Myeon, Dong resident center) of the property's location to report the contract within 30 days from the contract signing date.

While joint reporting by both the landlord and tenant is the principle, a report submitted by one party is acceptable if it includes a lease contract signed by both individuals. However, lease renewals with no changes in the security deposit or monthly rent are exempt from the reporting requirement.

Failure to report the contract within one month of signing will result in fines for both the landlord and the tenant. The fines range from 20,000 KRW to a maximum of 300,000 KRW, and the amount varies depending on the duration of the unreported period and the contract amount.

Initially, the maximum fine was 1 million KRW at the time of the system's implementation, but the standard was lowered to alleviate the burden. However, the fine for false reporting remains at 1 million KRW.

Yang Chang-hwon, Director-General of the Construction and Housing Bureau of Jeju Province, urged, "As the housing lease contract reporting system is a measure to protect tenants' rights, we ask for your cooperation in reporting within the deadline."