A distribution cooperative utility organized pursuant to the laws of another state and providing bundled services in this state on April 1, 1999 to not more than twenty percent of its total customers may file an application with the commission seeking approval of its election to be governed by the laws related to electric restructuring of the state where the utility was organized. The commission shall approve the application if the distribution cooperative utility:
A. does not provide supply service to other than its service customers in this state; and
B. remains subject to the jurisdiction and authority of the commission for bundled service provided in this state.