In this section, “electioneering communication” has the meaning stated in § 13–307(a) of this subtitle. This section applies to a political action committee that exclusively makes: independent expenditures; or disbursements for electioneering communications. For purposes of this section, a political action committee shall be considered to have made an expenditure if the political action committee has executed a contract to make an expenditure. The disclosure reports required under this section are in addition to the campaign finance reports required under § 13–309 of this subtitle. The political action committee shall include all of the information reported on a disclosure report on its regularly filed campaign finance reports. A political action committee shall file a disclosure report within 48 hours after a day on which the political action committee makes aggregate expenditures of $10,000 or more on campaign material during the reporting period covered by its next campaign finance report. A political action committee shall file an additional disclosure report within 48 hours after a day on which the political action committee makes aggregate expenditures of $10,000 or more on campaign material following the closing date of the immediately preceding disclosure report filed by the political action committee. A disclosure report shall include the information required by the State Board with respect to all contributions received and all expenditures made by or on behalf of the political action committee during the reporting period. In addition to any other sanction provided by law, the State Board may assess a penalty for failure to file properly a disclosure report or an amended disclosure report required under this section in an amount not exceeding the greater of: $1,000 for each day or part of a day that a disclosure report or an amended campaign finance report is overdue; or 10% of the amount of the contributions or expenditures that were not reported in a timely manner. A person who fails to file properly a disclosure report or an amended disclosure report under this section may seek relief from a penalty under subsection (h) of this section for just cause as provided in § 13–337 of this subtitle. A penalty under subsection (h) of this section shall be: assessed in the manner specified in § 13–604.1 of this title; and distributed to the Fair Campaign Financing Fund established under § 15–103 of this article. If a responsible officer of a political action committee subject to this section has failed to pay any civil penalty or late fee under this title for which the individual is responsible, the individual may not: serve as the responsible officer of any other political committee; serve in any position of responsibility in any other entity subject to regulation under this title; or assist in the formation of a political committee or any other entity subject to regulation under this title.