(A) Whenever there is filed with the commission by any radio common carrier, a schedule stating a new rate or rates which affects the radio common carrier’s general body of subscribers, the commission shall, after notice to the Office of Regulatory Staff and the public such as the commission may prescribe, hold a hearing concerning the lawfulness or reasonableness of the rate or rates; provided, however, that when the proposed rate is a proposal to institute or modify an offering or regulation that is not part of a general rate case and does not affect the radio common carrier’s general body of subscribers, the commission may approve such filing with a hearing.

(B) The commission shall rule and issue its order approving or disapproving the changes in full or in part within six months of the time of filing. If the commission rules and issues its order within the time aforesaid, and the radio common carrier shall appeal from the order, by filing with the commission a petition for rehearing, the radio common carrier may put the rate or rates requested in its schedule into effect under bond during the appeal and until final disposition of the case. The bond must be filed with the commission and must be in a reasonable amount approved by the commission, with sureties approved by the commission, conditioned upon the refund, in a manner to be prescribed by order of the commission, to the persons, corporations, or municipalities respectively entitled to the amount of excess, if the rate or rates put into effect are finally determined to be excessive. There may be substituted for the bond other arrangements satisfactory to the commission for the protection of the parties interested. During any period in which a radio common carrier shall charge increased rates under bond, it shall provide records or other evidence of payments made by its subscribers under the rate or rates which the radio common carrier has put into operation in excess of the rate or rates in effect immediately prior to the filing of its schedule.

All increases in rates put into effect under the provisions of this section which are not approved and for which a refund is required shall bear interest at a rate of twelve percent per annum. The interest shall commence on the date the disallowed increase is paid and continue until the date the refund is made.

In all cases in which a refund is due, the commission shall order a total refund of the difference between the amount collected under bond and the amount finally approved.

(C) If the commission fails to rule and issue its order within six months after the date the schedule is filed, the radio common carrier may put into effect the change in rate or rates it requested in its schedule. The change is to be treated as an approval of the new rate schedule by the commission.

(D) After the date the schedule, which affects the radio common carrier’s general body of subscribers, is filed with the commission and the Office of Regulatory Staff, no further rate change request which affects the radio common carrier’s general body of subscribers may be filed until twelve months have elapsed from the date of the filing of the schedule; provided, however, this section shall not apply to a request for a rate reduction.