In General. Except as provided in §B of this regulation, for any political action committee subject to the requirements of Election Law Article, §13-309.1, Annotated Code of Maryland, a disclosure report shall be filed within 48 hours after the day on which the committee’s spending on campaign material equals $10,000 or more in the aggregate in expenditures or disbursements, outstanding obligations, orders, agreements, or any combination thereof. Exception. A disclosure report is not required when the expenditures are to pay an outstanding obligation that has previously been disclosed on either a campaign finance report or a disclosure report.