(1) The Financial Services Commission may revoke permission or authorization of a credit information company, MyData company, or claims collection agency in any of the following cases; provided, if any ground prescribed by Presidential Decree exists, despite the fact that a credit information company, MyData company, or claims collection agency falls under any of the following subparagraphs, the Financial Services Commission may issue, prior to such revocation, an order for correction within a specified period not exceeding six months: <Amended on May 28, 2013; Mar. 11, 2015; Feb. 4, 2020; Apr. 20, 2021; Feb. 13, 2024>
1. Where it has obtained permission under Article 4(2) or authorization under Article 10(1) by fraud or other improper means;
2. Where it has violated the investment requirements of financial institutions, etc. under Article 5(1)1, Article 5(2)4, or Article 5(3)1; provided, this shall not apply if the shares of a credit information company or a claims collection company are listed on a securities market pursuant to Article 8-2(4)1 of the Act on Capital Markets and Financial Investment Business (provided, in the case of a personal credit rating company, a personal business credit rating company, or a corporate credit inquiry company, this shall only apply where financial institutions under Article 5(1)1 have invested 33/100 or more);
3. Deleted; <May 28, 2013>
4. Where the equity capital (referring to the sum of total assets less total liabilities on the statement of financial position as at the end of the latest business year; hereinafter the same shall apply) of a credit information company, MyData company, or claims collection agency [excluding cases where three business years (five years if a personal credit rating business, a sole proprietor credit rating business, and a corporate credit inquiry business are included) have not elapsed since the credit information company, MyData company, or claims collection agency obtained permission] falls short of the capital or original property requirements referred to in Article 6(2);
5. Where it, which has violated an order to suspend business or committed a violation that constitutes grounds for business suspension, had been imposed a disposition to suspend practice within three years from the date when such grounds for business suspension occurred;
6. Where it provides a client with false information, in violation of Article 22-7(1)1;6-2. Where it forces a request for investigation of credit information, in violation of Article 22-7(1)2;6-3. Where it forces a person subject to investigation of credit information to provide investigation data and answers, in violation of Article 22-7 (1)3;6-4. Where it investigates privacy or the like, other than commercial transaction relationships including financial transactions, in violation of Article 22-7(1)4;
7. Deleted; <May 28, 2013>
8. If it has performed claims collection service, in violation of any subparagraph of Article 9 of the Fair Debt Collection Practices Act (applicable only to claims collection business);
9. If it has violated any of the terms or conditions of permission or authorization;
10. If it has failed to perform the permitted operations for at least one year consecutively without good cause;
11. If it has performed claims collection service, in violation of Article 41(1) (applicable only to claims collection business).
(2) The Financial Services Commission may issue an order to fully or partially suspend business within a specified period not exceeding six months, if a credit information company, MyData company, or claims collection agency falls under any of the following subparagraphs: <Amended on May 28, 2013; Mar. 11, 2015; Dec. 31, 2018; Feb. 4, 2020>
1. If it has violated Article 6(4);
2. If it has violated Article 11 or 11-2;
3. Deleted. <Feb. 4, 2020>
4. If any credit information has been lost, stolen, disclosed, altered or compromised, in violation of Article 17(4) or 19;
5. If it has violated Articles 22(1) and (2), 22-8, and 27(1);5-2. Where it collects credit information in violation of Article 22-9(3) or transmits any personal credit information in violation of paragraph (4) of that Article;5-3. It violates Article 33(2);
6. Deleted; <Feb. 4, 2020>
7. If it has violated subparagraph 5 of Article 40;
8. If it has violated Article 42(1), (3), or (4);
9. If a case constitutes grounds for a disposition provided for in Appendix;
10. If it has performed claims collection service, in violation of subparagraphs 2 and 5 of Article 12 of the Fair Debt Collection Practices Act (applicable only to claims collection business);
11. Any other case where it has violated any other statute or the articles of incorporation, or its management is unsound so that it will or is likely to severely harm public interests.