(1) An applicant for an electrical contractor license shall (a) be a graduate of a four-year electrical course in an accredited college or university or (b) have at least one year's experience, acceptable to the board, as a journeyman electrician.

(2) A Class B electrical contractor license shall be valid only in regard to systems of not over four hundred amperes in capacity in structures used and maintained as residential dwellings but not larger than four-family dwellings located in any municipality which has a population of less than one hundred thousand inhabitants as determined by the most recent federal decennial census or the most recent revised certified count by the United States Bureau of the Census.