This section applies to the campaign finance entity of an individual if the individual is not a filed candidate or the incumbent in any office filled by an election under this article. A campaign finance entity shall terminate and file a final campaign finance report within 8 years after the later of: the end of the individual’s most recent term of office; and the date of the election in which the individual last was a filed candidate. Not later than 6 months before a campaign finance entity is required to terminate under this section, the State Administrator shall notify the responsible officers of the campaign finance entity and the candidate affiliated with the campaign finance entity of the date by which the campaign finance entity is required to: pay all outstanding obligations; dispose of all its remaining assets in accordance with § 13–247 of this title; and terminate and file a final campaign finance report.