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COMPETITION AND CONSUMER ACT 2010 - SECT 55B Payment surcharges must not be excessive

COMPETITION AND CONSUMER ACT 2010 - SECT 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 Reserve Bank 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 Reserve Bank standard or the regulations.

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

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