(a) A utility that enters into an on-bill financing agreement shall file notice of the on-bill financing agreement and related meter conservation charge in the recording district in which the residence or building subject to the agreement is located. Notice under this subsection does not constitute a lien on the property, but is intended to give an owner of the residence or building notice that the residence or building is subject to a meter conservation charge. Notice is considered given if it is sufficient to disclose to prospective owners the existence of the meter conservation charge, including the balance owed under the on-bill financing agreement, whether the system or device is covered by a repair and maintenance agreement described in AS 42.05.750(d), and the length of time the meter conservation charge is expected to remain in effect.
(b) A utility shall file notice of satisfaction when an on-bill financing agreement is paid in full. Notice of satisfaction shall be filed in the recording district in which the residence or building subject to the agreement is located.