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