The State Board may impose a civil penalty on a contested election committee in accordance with this section for the following violations: making a disbursement for a purpose not related to a contested election; failure to dispose of surplus funds in accordance with § 12–313 of this subtitle; failure to maintain the records required under § 12–306 of this subtitle; or failure to report all donations, disbursements, and outstanding obligations as required under § 12–308 of this subtitle. A civil penalty imposed under this section shall be assessed in the amount and in the manner specified in § 13–604.1 of this article. Subject to paragraph (2) of this subsection, a civil penalty imposed under this section shall be paid by the contested election committee. If the contested election committee has insufficient funds with which to pay the full amount of the civil penalty in a timely manner, after the account of the contested election committee is exhausted, the balance of the civil penalty is the liability of the treasurer.