Compromise lending bill passes Senate

A compromise bill to collect data on the "payday loan" industry was given final approval by the Senate Monday, 28-0-1.

SB83, sponsored by Sen. Karen Mayne, D-West Valley, requires payday lenders to disclose information in several areas, including the minimum and maximum interest rates paid and the average amount of loans.

The bill, supported by payday lenders and state regulators, advanced after the Senate Business and Labor Committee killed another bill earlier in the session that would have required much more disclosure by the industry.

SB83 now goes to the House for further action.