ASIC has banned Peter Llewellyn, former director of payday lender Australian Money Exchange, from engaging in credit activities for a period of ten years. The ban is the consequence of an investigation by ASIC into Llewellyn's conduct as a director of AMX, when he tried to sidestep the licensing requirement by structuring short term loans to avoid the application of the National Credit Code. AMX, with branches in Queensland and NSW, charged fees on short term loans which were in excess of the limits imposed by the National Credit Code, which for NSW was five per cent of the loan principle.ASIC found that Llewellyn was knowingly involved in AMX's unlicensed credit activity because, among other things, he participated in substantial decisions regarding business and legal issues affecting AMX. ASIC also found that Llewellyn was not a fit and proper person to engage in credit activities.Llewellyn has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC's decisions. In October 2013, AMX was placed into administration and in May 2015, was placed into liquidation. The administrators sold the AMX business to Australian Finance Direct Pty Limited (Australian Credit Licence No. 390 417) who operate as O.K. Money.