(1)  (a) Any telephone corporation, except any mutual nonprofit or cooperative telephone corporation, which did not, on January 1, 1988, hold a certificate of public convenience and necessity issued by the commission and, which does not provide basic local exchange service, shall, on and after the effective date of this act, be subject to the provisions of this chapter and shall be exempt from the provisions of title 61, Idaho Code.
(b)  All telephone corporations, as set forth in subsection (1)(a) of this section, shall file a notice with the commission, which notice shall set forth the following information:
(i)   the name of the telephone corporation and the address of its principal place of business within the state;
(ii)  a description of the telecommunication services offered by such telephone corporation and the area served by it or in which it offers telecommunication services.
(c)  Such notice shall be filed on or before the 1st day of January of each year following the effective date of this act.
(2)  Any telephone corporation holding a certificate of public convenience and necessity on January 1, 1988, issued by the commission pursuant to title 61, Idaho Code, may, pursuant to section 62-605, Idaho Code:
(a)  elect to exclude all, or part of its telecommunication services from regulation pursuant to title 61, Idaho Code, and such excluded telecommunication services shall thereafter be subject to the provisions of this chapter, except for the provisions of section 62-622(1) through (3), Idaho Code;
(b)  notwithstanding any other provision of this chapter, a telephone corporation which, pursuant to section 61-538, Idaho Code, was, prior to the effective date of this chapter, subject to the provisions of such section, shall continue to be subject to the provisions of section 61-538, Idaho Code, notwithstanding such telephone corporation is subject to the provisions of this chapter.