(a) This section applies only to existing single–family residential real property in Prince George’s County.
(b) A person or entity that imposes a deferred water and sewer charge shall include with each bill a statement that includes:
(1) The amount of the annual assessment;
(2) The approximate number of payments remaining on the assessment;
(3) The amount remaining on the assessment, including interest;
(4) The name and address of the person or entity most recently responsible for collection of the assessment;
(5) The method used to compute the deferred water and sewer charge on the property;
(6) The interest rate on the assessment;
(7) The estimated payoff amount of the assessment; and
(8) A statement that payoff of the assessment is allowed without prepayment penalty.
(c) The balance owed on a deferred water and sewer assessment may be redeemed at the present value of the assessment.