FRANKFORT, Ky. (AP) — Kentucky would be off limits to new payday lenders under legislation approved by lawmakers on Thursday.

The action, heralded by an industry group, fell far short of the stiff regulations that consumer advocates had called for.

The General Assembly gave final approval to the measure that would impose a 10-year moratorium on new payday lenders. It was unclear whether Gov. Steve Beshear would sign the measure into law.

"He continues to have concerns about the provision containing a moratorium," said spokesman Jay Blanton. "As such, he wants to study that issue further before making a decision."

Tres Watson, a spokesman of the Community Financial Services Association of America, said the legislation shows that the Kentucky Legislature "understands that payday lenders offer a valuable service and that it would be disastrous if the industry were legislated out of business."

The Kentucky Coalition for Responsible Lending had called for a 36 percent cap on interest rates charged by payday lenders. The group also wanted to limit the number of loans to individual borrowers.

"If they're allowed to continue to exist, they should be allowed to charge more than the regular usury rate," said John Rosenberg, a longtime legal advocate for Appalachia's poor and a member of the Coalition for Responsible Lending. "This bill does not help consumers, because it does nothing to limit the outrageous interest charges."

The Kentucky legislation would require that the state to create a database to track information about borrowers, a possible first step toward capping the interest rates payday lenders are allowed to charge.

Some 15 states and the District of Columbia have passed laws cracking down on payday lending. Most have capped allowable interest rates at 36 percent or less.

Payday lenders provide short-term loans with high interest rates and usually cater to lower-income borrowers. The process usually requires a borrower to write a check to the lenders who in turn gives the person cash, minus a fee, and agrees not to cash the check until his or her payday.

Two Democratic lawmakers, both known for their advocacy on behalf of Kentucky's poor, reached different conclusions about the legislation. State Rep. Jim Wayne of Louisville urged lawmakers not to approve the moratorium, saying it "pollutes" the legislation by imposing unwarranted limits on free enterprise. Meanwhile, state Rep. David Watkins of Henderson urged its passage, saying payday lenders do "an extreme injustice to the poor people of our state."

Senate lawmakers approved the plan on a 32-6 vote Tuesday. The House concurred Thursday on a vote of 83-11.

The bill's sponsor, state Rep. Johnny Bell, D-Glasgow, urged his colleagues to pass the measure.

"We're trying to protect consumers from practices that many of us feel is not something we want to continue in this state," Bell said.

Blanton said Beshear supports the provision that calls for compiling information about payday loans.

"He believes the database represents an important first step in better protecting Kentuckians from potential abuse," Blanton said.