Half Reduction in Deposit for Rest Facilities... 91 Regulations Improved at 15 Institutions under the Ministry of Land, Infrastructure and Transport

[Asia Economy Reporter Kangwook Cho] The Ministry of Land, Infrastructure and Transport announced on the 23rd that it will actively promote regulatory improvements in its affiliated public institutions, which have frequent contact with the public, so that citizens can directly feel the effects of regulatory improvements.

The Ministry of Land, Infrastructure and Transport has expanded the regulatory proof responsibility system, which had previously been applied only to the government, to 15 affiliated public institutions and thoroughly reviewed the necessity of maintaining a total of 366 regulations. As a result, it was decided to improve a total of 91 regulations, including 12 abolitions and 79 revisions.

Looking at representative improvement cases confirmed by each institution, Korea Expressway Corporation will reduce the rental deposit for rest area facility operators by half. Currently, two years' worth of estimated rent is charged as a rental deposit when signing a lease contract for rest area operation rights, but considering the economic downturn caused by COVID-19, this will be eased to one year's estimated rent.

The Jeju Free International City Development Center plans to ease the contract deposit burden for prospective tenant companies. Currently, companies moving into the Jeju Advanced Science and Technology Complex must pay a contract deposit of at least 20% of the rental deposit, but the contract deposit rate will be eased to at least 10% of the rental deposit to reduce the burden on tenant companies.

Korea Land and Geospatial Informatix Corporation will simplify the deposit refund procedure. Until now, to receive refunds of bid, contract, or defect deposits after completion or achieving the purpose of the deposit, the contracting party had to request it first, but this will be improved so that the deposit is refunded immediately upon achieving the deposit purpose even without a refund request from the contracting party.

The Korea Housing & Urban Guarantee Corporation will produce and provide online and offline a terms explanation document that visualizes key terms and product structures to make the explanation of the Jeonse deposit refund guarantee terms easy for anyone to understand.

The Korea Agency for Infrastructure Technology Advancement will reduce the construction new technology review fees from the current 2 million KRW for the first review and 1 million KRW for the second review to 1 million KRW each.

The Korea Construction Equipment Safety Management Corporation will improve convenience for examinees by allowing payment of construction equipment inspection fees via electronic payment methods such as credit cards.

The Korea Transportation Safety Authority will enable actual measurement verification of two-wheeled vehicles at two-wheeled vehicle inspection centers located in 17 locations nationwide.

Incheon International Airport Corporation will set the period for supplementing civil complaint documents as a "considerable period of 10 days or more" to ensure that complainants have sufficient time.

Yang Jong-ho, the Ministry of Land, Infrastructure and Transport's regulatory reform legal officer, said, "It is meaningful to actively improve regulations of public institutions closely related to the public and related industries," adding, "We will continue to promote comprehensive regulatory innovation."

This content was produced with the assistance of AI translation services.