Rep. Johnny Bell is sponsoring a bill to restrict the fees that Pay Day lenders could charge folks who get loans from them. Right now those companies can legally charge an equivalent APR of more than 370%. Bell says his bill isn't intended to put the Pay Day lenders out of business. But he speculates that up to 25% of all quick loans in Kentucky are illegal because there's no way for state regulators to keep tabs on whether the lenders are giving money to people who qualify for the loans. One consumer advocate calls the industry "legal loan sharking." An industry spokesperson wouldn't say much about the bill except to say that her group is working with Rep. Bell to come up with a reasonable compromise. The bill is scheduled to be heard in committee tomorrow (Wed.).