MADISON, Wis. -- Payday lending legislation will reach the Assembly floor for debate on Tuesday and the bill could come to a vote.

The controversial measure does put a cap -- of sorts -- on payday loan interest, essentially preventing it from accruing after a loan has reached maturity. It doesn't, however, place a specific interest cap, WISC-TV reported.

The legislation, called Assembly Bill 447, also allows borrowers to cancel a loan up to a full day after they take it out, which propnents say is an added protection.

The bill is viewed as a compromise by some, but doesn't go far enough for others. The Wisconsin Council on Children & Families opposes the bill, and instead, is backing another measure, Assembly Bill 392. That piece of legislation puts a standard flat cap on payday loan interest at 36 percent.

"Back in 1995 when the statute in Wisconsin was the maximum was 18 percent, We had two payday lenders (in the state)," says Ken Taylor, the organization's executive director. "Now, there are almost 550 payday lenders. The expansion of that is because of the repeal of the 18 percent."

The council got involved in the debate because they said they're on the receiving end when families end up in a mess with payday loans, so they're stepping in to try to do something about it.

The payday lending industry, which has been described as predatory, defends itself saying it makes financial services available to people who might not ordinarily be served by banks.