55BPayment surcharges must not be excessive

55B Payment surcharges must not be excessive

(1) A corporation must not, in trade or commerce, charge a payment surcharge that is excessive.

(2) A payment surcharge is excessive if:

(a) the surcharge is for a kind of payment covered by:

(i) a payment system standard; or

(ii) regulations made for the purposes of this subparagraph; and

(b) the amount of the surcharge exceeds the permitted surcharge referred to in the payment system standard or the regulations.

(3) Subsection (1) does not apply to a corporation who is exempted from its operation by the regulations.