Sen. Karen Mayne, D-West Valley City, who took over SB83 from her late husband, said the measure may not go as far as she would like, but the reporting would be manageable and not burden the industry or the regulators.

The bill would require the industry to report four categories of information: the amount of the average loan; the time before the loan is repaid; the minimum and maximum amounts of interest charged; and the number of loans rescinded by the lender.

The information would be aggregated into a report to try to help policymakers gauge whether there are problems in the industry.

Advocates, who believe the payday industry preys on the poor, wanted a much broader reporting bill, and Mayne said she had considered requiring lenders to report as many as 15 categories of information.

"Is it all we want? No. Would we like the 15 items? Yes. Can we pass the 15 items? I don't think so," she said. "This is a concern for us all. I think it is a compromise we can all live with."

The bill also requires a "cooling-off period," where the borrower who has extended a loan for 12 weeks must wait a day before renewing the loan.

It was passed 27-0 Friday and will likely get final passage in the Senate next week.

SB83

Would require more disclosure from the payday loan industry.