Rep. Johnny Bell, who is sponsoring the Pay Day Loan bill says a compromise has been reached with the Pay Day lenders which result in changes to his bill. Some of the changes will be bad news to consumers but others may be good. Here are the changes:

The charge for each $100 cash will remain $15. Bell had proposed $13.
The "cooling off" period for returning a loan will be "next day" instead of 24 hours.
Electronic transfers and card transfers have been stripped from the bill.
Folks taking out their 6th pay day loan will get an extended payment plan.

Bell says the most important part of his bill remains intact. It sets up a database to track who's getting pay day loans and gives companies an immediate computerized check to see if the person seeking the quick loan already has other outstanding loans. State law says companies can't lend to a person who hasn't repaid previous loans. But there's no way to police that and Bell believes up to 25% of the pay day loans being made in Kentucky are illegal.

Bell's original bill passed a House committee but had little chance of passing the full House. Pay day lenders claimed it would put them out of business. Bell hopes to roll the compromise into a floor amendment with the possibility of a floor vote on Thursday.