(a) Except as required under subsection (b) of this section, the provisions of this subtitle may not be applied to a small rural electric cooperative that:

(1) has less than 10% of its distribution territory within the State;

(2) maintains its principal place of business outside the State; and

(3) is subject to, and conducts its operations within the State in compliance with, the laws of the state in which its principal place of business is located.

(b) (1) A small rural electric cooperative, as described in subsection (a) of this section, shall be subject to all requirements and prohibitions adopted under the authority of §§ 7-505(b)(1) through (4), (6), (7), (11), and (12) and 7-507(e), (h), (i), (k), and (l) of this subtitle.

(2) In addition to the requirements for a small rural electric cooperative set forth in paragraph (1) of this subsection, a member of a small rural electric cooperative that receives electricity or electricity supply services from an entity other than the small rural electric cooperative may receive these services only from an entity that is licensed under § 7-507 of this subtitle.