An amendment numbered 10 printed in House Report 111-92 to allow creditors to use retroactive rate increases, universal default, and "double cycle billing" practices as long as they offer at least one card option that does not have those billing features to all of their existing customers.

In subsection (b) of section 127B of the Truth in Lending Act (as added by section 2(b) of the bill), insert the following new paragraph after paragraph (1) (and redesignate the subsequent paragraphs accordingly):

“(2) Nonapplicability to certain creditors who make available alternative card options.--The limitations on retroactive rate increases and universal default shall not apply to any creditor that offers a credit card account to consumers under an open end consumer credit plan to the extent such creditor--

“(A) makes at least 1 credit card option available to 100 percent of the creditor's existing consumers that does not feature retroactive rate increases or universal default billing practice; and

“(B) provides clear and conspicuous notice of the availability of a credit card option referred to in subparagraph (A) to the consumer customers of such creditor at least once annually.”.

In subsection (e) of section 127B of the Truth in Lending Act (as added by section 3(a) of the bill), insert after paragraph (3) the following new paragraph:

“(4) Nonapplicability to certain creditors who make available alternative card options.--The limitation on double cycle billing shall not apply to any creditor that offers a credit card account to consumers under an open end consumer credit plan to the extent such creditor--

“(A) makes at least 1 credit card option available to 100 percent of the creditor's existing consumers that does not feature double cycle billing; and

“(B) provides clear and conspicuous notice of the availability of a credit card option referred to in subparagraph (A) to the consumer customers of such creditor at least once annually.”.