basis, fair and reasonable compensation from telecommunications providers for use of public rights-of-way, if the compensation required meets the requirements of subsection (b)(5). (f) Preemption (1) In general If, after notice and an opportunity for public comment, the Commission determines that a State or local government or instrumentality thereof has permitted or imposed a statute, regulation, or legal requirement that violates or is inconsistent with this section, the Commission shall preempt the enforcement of such statute, regulation, or legal requirement to the extent necessary to correct such violation or inconsistency. (2) Timing Not later than 120 days after receiving a petition for preemption of the enforcement of a statute, regulation, or legal requirement as described in paragraph (1), the Commission shall grant or deny the petition. (g) Commercial mobile service providers Nothing in this section shall affect the application of section 332(c)(3) to commercial mobile service providers. (h) Rural markets It shall not be a violation of this section for a State to require a telecommunications carrier that seeks to provide telephone exchange service or exchange access in a service area served by a rural telephone company to meet the requirements in section 214(e)(1) for designation as an eligible telecommunications carrier for that area before being permitted to provide such service. This subsection shall not apply— (1) to a service area served by a rural telephone company that has obtained an exemption, suspension, or modification of section 251(c)(4) that effectively prevents a competitor from meeting the requirements of section 214(e)(1)