(a) In accordance with this section, an electing company may request and the commission may authorize a rate adjustment under Section 58.056, 58.057, or 58.058.
(b) The electing company must provide to the commission notice of its intent to adjust rates. The notice must be accompanied by sufficient documentary evidence to demonstrate that the rate adjustment is authorized under Section 58.056, 58.057, or 58.058. The commission by rule or order shall prescribe the documentation required under this subsection.

(c) The electing company must also provide notice to its customers after providing notice to the commission. The notice to the customers must:
(1) within a reasonable period after notice to the commission, be published once in a newspaper of general circulation in the affected service area;
(2) be included in or printed on each affected consumer’s bill in the first billing that occurs after notice is filed with the commission;
(3) have a title that includes the name of the company and the words “NOTICE OF POSSIBLE RATE CHANGE”; and
(4) include:
(A) a statement that the consumer’s rate may change;
(B) an estimate of the amount of the annual change for the typical residential, business, or access consumer if the commission approves the rate change;
(C) a statement that a consumer who wants to comment on the rate change or who wants additional information regarding the rate change may call or write the commission and that the information will be provided without cost to the consumer and at the expense of the electing company; and
(D) the commission’s telephone number and address.
(d) The estimate of the amount of the annual change required by Subsection (c)(4)(B) must be printed in a type style and size that is distinct from and larger than the type style and size of the body of the notice.
(e) The commission shall review the proposed rates to determine if the rate adjustment is authorized under Section 58.056, 58.057, or 58.058.
(f) The rate adjustment takes effect on the 90th day after the date the electing company completes the notice required by this section unless the commission suspends the effective date under Subsection (g).
(g) At any time before a rate adjustment is scheduled to take effect, the commission, on its own motion or on complaint by an affected party, may suspend the effective date of the rate adjustment and conduct a hearing to review the proposed adjustment. After the hearing, the commission may issue an order approving the adjustment, or if it finds that the adjustment is not authorized under Section 58.056, 58.057, or 58.058, issue an order modifying or rejecting the adjustment. An order modifying or rejecting a rate adjustment must specify:
(1) each reason why the proposed adjustment was not authorized by Section 58.056, 58.057, or 58.058; and
(2) how the proposed adjustment may be changed so that it is authorized.
(h) Except as provided by this section, a request for a rate restructure must comply with the notice and hearing requirements prescribed by Sections 53.101-53.106.
(i) An electing company that has not more than five percent of the total access lines in this state may adopt as the cost for a service the cost for the same or substantially similar service offered by a larger incumbent local exchange company. The electing company may adopt the larger company’s cost only if the cost was determined based on a long run incremental cost study. An electing company that adopts a cost under this subsection is not required to present its own long run incremental cost study to support the adopted cost.