In addition to any other charges authorized under this division, the Commission may impose a system development charge that shall be paid by an applicant for new service. The system development charge shall be paid as follows: for residential properties: 50% at the time the plumbing permit application is filed; and 50% within 12 months after the earlier of the date on which a plumbing permit application is filed or on transfer of title to the property; and for other properties, 100% at the time the plumbing permit application is filed. When the applicant files the plumbing permit application, the applicant shall deposit with the Commission security: in the form of an irrevocable letter of credit; in the form of a financial guaranty bond; or in a form the Commission establishes and approves under its regulations.