86-146. No local competition; rate review initiated by commission.

(1) In an exchange in which local competition does not exist, the commission may, on its own motion, review basic local exchange rates of any telecommunications company if the company has increased such rates by more than ten percent within any consecutive twelve-month period. The commission shall hold and complete a hearing on such rates within ninety days after first giving notice of such hearing to the telecommunications company to determine if the rates as proposed are fair, just, and reasonable.

(2) The commission may, within sixty days after close of the hearing, enter an order adjusting the rates at issue, except that the commission shall not set any rate for providing such telecommunications service below its actual cost as defined in section 86-145, which may include a reasonable profit, as established by the evidence received at the hearing. In such order, the commission may order a refund of amounts collected in excess of the rates as approved at the hearing which may be reimbursed as a credit against billings for future services.

(3) If the commission fails to enter any order within sixty days after the close of the hearing, the rates proposed by the telecommunications company shall be deemed approved for all purposes, including for purposes of appeal.

(4) No telecommunications company may change its basic local exchange rates within ninety days after entry of a final order adjusting such rates pursuant to this section.

Source