1. Not later than January 1, 1999, the Commission shall, by regulation, set forth the procedures and conditions that alternative sellers must satisfy before obtaining a license to sell potentially competitive services to customers in this state, including, but not limited to:
(a) Safety;
(b) Reliability of service;
(c) Financial reliability;
(d) Fitness to serve new customers; and
(e) Billing practices and customer services, including the initiation and termination of service.
2. The Commission may deny the application of a prospective alternative seller for a license, or may limit, suspend or revoke a license issued to an alternative seller, if the action is necessary to protect the interests of the public or to enforce the provisions of this chapter or a regulation of the Commission. In determining whether to take any of those actions, the Commission may consider whether the applicant for or holder of such a license, or any affiliate thereof, has engaged in activities which are inconsistent with effective competition.