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(1) As used in this section, "conflict of interest" means a circumstance where:
(a) the representation of one principal or client will be directly adverse to another principal or client; or
(b) there is a significant risk that the representation of one or more principals or clients will be materially limited by the lobbyist's responsibilities to:
(i) another principal or client; or
(ii) a personal interest of the lobbyist.
(2) Except as provided in Subsection (3), a lobbyist may not represent a principal or client if the representation involves a conflict of interest.
(3) Notwithstanding the existence of a conflict of interest, a lobbyist may represent a principal or client if:
(a) the lobbyist reasonably believes that the lobbyist will be able to provide competent and diligent representation to each principal or client;
(b) the representation is not otherwise prohibited by law;
(c) the representation does not require the lobbyist to assert a position on behalf of one principal or client that is opposed to the position of another principal or client represented by the lobbyist involving the same legislative issue; and
(d) each affected principal or client gives informed consent to the conflict of interest in writing.