Maryland Code, REAL PROPERTY 14-117.1
Terms Used In Maryland Code, REAL PROPERTY 14-117.1
- County: means a county of the State or Baltimore City. See
- including: means includes or including by way of illustration and not by way of limitation. See
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(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.