(a) This section applies to the campaign finance entity of an individual if:
(1) the individual is not a filed candidate or the incumbent in any office filled by an election under this article; and
(2) the entity has funds remaining after the payment of all outstanding debts and other obligations.
(b) A campaign finance entity shall terminate and file a final campaign finance report within 8 years after the latest of:
(1) the end of the individual’s most recent term of office;
(2) the date of the election in which the individual last was a filed candidate; and
(3) the payment of the final debt or other obligation of the entity that was incurred in connection with that candidacy.
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