(a) Any incumbent local exchange carrier may elect to have the rates, terms, and conditions for its telecommunications services determined pursuant to the provisions of this section.
(b) An incumbent local exchange carrier shall file a notice of its intent with the Arkansas Public Service Commission to be an electing company and to be regulated pursuant to this section and §§ 23-17-407 and 23-17-408.
(c)
(1) Upon such a filing, all rates, terms, and conditions for the services provided by that incumbent local exchange carrier contained in the tariffs and end-user contracts that were in effect on the date twelve (12) months prior to the date of election under this section shall be deemed just and reasonable.
(2) However, nothing herein shall restrict any customer's right to complain to the commission regarding quality of service or the commission's right to enforce any quality of service rules and standards which are equally imposed on all telecommunications providers.
(d)
(1) A rural telephone company, excluding tier one companies, which elects to be regulated pursuant to this section may terminate that election by filing a notice with the commission.
(2) Upon terminating that election, the rural telephone company for a period of five (5) years from the date of the termination notice under this subsection may not elect thereafter to be regulated under this section.