69-3-1502. Commission approval of material affiliate transactions -- rulemaking authority. (1) In addition to the commission's existing regulatory authority under this title and except as provided in 69-3-1503 and subsection (4) of this section, a regulated energy utility may not enter into a material affiliate transaction without the commission's review and approval.

(2) The commission shall approve or deny the material affiliate transaction. Upon a showing of good cause, the commission shall hold a public hearing on the proposed material affiliate transaction within 45 days of an official notification by the regulated energy utility to the commission that the utility is intending to enter into a material affiliate transaction.

(3) If a material affiliate transaction involves dividend payments from a regulated energy utility to a corporate parent company, the commission may limit those dividend payments if the payments would place the regulated energy utility's credit quality or property in jeopardy.

(4) A regulated energy utility may request an exemption from any of the provisions in this section, and the commission may grant the exemption on a case-by-case basis upon a showing of good cause and after notice and an opportunity for hearing.

(5) The commission may promulgate rules that implement the provisions of this part.