ASIC bans payday lender 15 June 2012 4:49PM The Australian Securities and Investment Commission has banned the director of a small payday lending business that was operating without a credit licence.ASIC has banned Victor Manatakis, of Doncaster, Victoria, from engaging in credit activities for five years. Manatakis was director of Billpal Pty Ltd, which was the operator of Cashpal, a short-term lending business.Billpal engaged in credit activities without an Australian credit licence during 2011 and breached the National Consumer Credit Protection Act.ASIC commissioner Peter Kell said: "People in the credit industry need to be aware of the licensing requirements."