(1) Where a credit information company, MyData company, or a claims collection agency intends to wholly or partially transfer, take over, or divide its business, or merge with another corporation (including division and merger under Article 530-2 of the Commercial Act; hereinafter the same shall apply), it shall obtain authorization from the Financial Services Commission, as prescribed by Presidential Decree. <Amended on Feb. 4, 2020>
(2) Where a credit information company, MyData company, or claims collection agency transfers or divides its business or merges with another corporation under authorization in accordance with paragraph (1), a transferee or a surviving or resulting corporation following merger or consolidation (except for cases where a credit information company, MyData company, or claims collection agency, which is a corporation, merges with another corporation which is not a MyData company or claims collection agency) shall succeed to the status of the transferor or the corporation before merger or division, as a credit information company, MyData company, or claims collection agency. In such cases, permission granted to the credit information company, MyData company, or claims collection agency existed prior to such event shall become null and void (in cases of the partial transfer or division under paragraph (1), it applies only to the transferred or divided business). <Amended on Feb. 4, 2020>
(3) The provisions of Articles 5, 6, 22, 22-8, and 27(1) through (7) shall apply mutatis mutandis to the transferee or a surviving or resulting corporation following merger or consolidation. <Amended on May 28, 2013; Feb. 4, 2020>
(4) Where a credit information company, MyData company, or claims collection agency intends to temporarily suspend or close all or some of its business, it shall file a prior report with the Financial Services Commission, as prescribed by Prime Ministerial Decree. <Amended on Feb. 4, 2020>
(5) The Financial Services Commission shall review the details of the prior report under paragraph (4) and accept it if the Commission deems the report complies with this Act. <Added on Dec. 31, 2018>[Title Amended on Feb. 4, 2020]