Regulations Governing Institutions Engaging In Credit Card Business Article 10

If it is found after a credit card business institution has been issued a license that its application contains false information, or the credit card business institution in the opinion of the Competent Authority has been grossly ineffective in business operations, or the credit card business institution has not commenced business operations within six (6) months after its incorporation, the Competent Authority may revoke or repeal the approval for establishment, order the return of [credit card] business license and notify the Ministry of Economic Affairs ("MOEA") thereof. However, the time limit for commencing business operations may be extended upon approval by the Competent Authority if justifiable reasons exist; provided, that such extension may not exceed six (6) months and only one extension is allowed.