This chapter applies to the administration of the Public Financing Act, Election Law Article, Title 15, Annotated Code of Maryland, and to disbursements under that Act from the Fair Campaign Financing Fund. In this subtitle, the following terms have the meanings indicated: Terms Defined. “Account Book” means the records and documents the treasurer is required to keep pursuant Election Law Article, §13-221, Annotated Code of Maryland on all assets received, expenditures made, and obligation incurred by or on behalf of the Gubernatorial ticket candidate committee. “Candidate” means a Governor-Lieutenant Governor unit that establishes a Gubernatorial ticket candidate committee with the State Board and: Files a certificate of candidacy in a party primary; or Becomes a general election candidate by any means other than nomination in a party primary. “Certified gubernatorial ticket candidate committee” means a gubernatorial ticket candidate committee that has been certified by the State Board that it meets the qualifications under Election Law Article, §15-104, Annotated Code of Maryland, for receiving public contributions. “Comptroller” has the meaning stated in Election Law Article, §15-102(b), Annotated Code of Maryland. “Eligible candidate” means an eligible gubernatorial ticket. “Eligible gubernatorial ticket” has the meaning stated in Election Law Article, §15-102(d), Annotated Code of Maryland. “Eligible private contribution” has the meaning stated in Election Law Article, §15-102(e), Annotated Code of Maryland. “Fund” has the meaning stated in Election Law Article, §15-102(f), Annotated Code of Maryland. “Gubernatorial ticket” has the meaning stated in Election Law Article, §15-102(g), Annotated Code of Maryland. “Gubernatorial ticket candidate committee” means a political committee that is a public financing campaign slate committee established and authorized by the gubernatorial ticket to receive private contributions; make expenditures; incur outstanding obligations; and if certified by the State Board that it meets the qualifications under Election Law Article, §15-104, Annotated Code of Maryland, receive a public contribution. “In-kind contribution” means a contribution in a form other than money. “Outstanding obligation” has the meaning stated in COMAR 33.13.01.01. “Participating organization” has the meaning stated in Election Law Article, §13-309.2, Annotated Code of Maryland. “Political committee” has the meaning stated in Election Law Article, §1-101, Annotated Code of Maryland. “Private contribution” has the meaning stated in Election Law Article, §15-102 (h), Annotated Code of Maryland. “Public contribution” has the meaning stated in Election Law Article, §15-102(g), Annotated Code of Maryland. “Public Financing Act (Act)” means Election Law Article, Title 15, Annotated Code of Maryland. “Treasurer” has the meaning stated in Election Law Article,, §1-101, Annotated Code of Maryland. The Comptroller shall: Administer the Fund; Credit to the Fund all money collected for the Fund; Invest the money in the Fund; Submit to the State Board a statement of the balance in the Fund on the first Monday of each month; When ordered by the State Board, promptly disburse any public contribution from the Fund; and Make the disbursement required by §E of this regulation to a single campaign depository of a certified gubernatorial ticket candidate committee, as provided in Election Law Article, §13-220(a), Annotated Code of Maryland. The State Board shall: Prescribe all forms needed to administer the Public Financing Act; Provide full information to the public, to candidates, and to any other interested party on the process of administering the Public Financing Act and on the requirements for obtaining public contributions under the Act; Determine whether a candidate is eligible to receive a public contribution; Order any disbursement to be made from the Fund; and Promptly after the filing of the final campaign finance report by the gubernatorial ticket candidate committee, audit all campaign finance reports, the account book, records and other documents submitted by a certified gubernatorial ticket candidate committee. Election Law Article, §§2-102(b)(4) and 15-111(b), Annotated Code of Maryland Effective date: Regulations .01—.04 adopted as an emergency provision effective February 1, 2000 (27:6 Md. R. 638); adopted permanently effective April 17, 2000 (27:7 Md. R. 710) Regulation .02B amended effective November 24, 2014 (41:23 Md. R. 1377); February 29, 2016 (43:4 Md. R. 337); December 12, 2022 (49:25 Md. R. 1053) Regulation .03 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .04 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .04G amended effective August 4, 2014 (41:15 Md. R. 893) To be eligible to receive a public contribution under the Public Financing Act, the candidates for the offices of Governor and Lieutenant Governor seeking to form a gubernatorial ticket shall: Establish a gubernatorial ticket candidate committee and file a notice of intent to participate in public financing at the time of establishment; File certificates of candidacy for the offices of Governor and Lieutenant Governor, respectively; and Authorize the gubernatorial ticket candidate committee to file a campaign finance report with the State Board within the deadlines specified in this subtitle with a certification, signed by the gubernatorial ticket candidate committee’s treasurer, that the gubernatorial ticket candidate committee raised a minimum of $120,000 from at least 1,500 eligible private contributions. Qualification for the General Election. A gubernatorial ticket that qualifies for a public contribution remains eligible for public contributions for all elections in which the gubernatorial ticket appears on the ballot that election year. Unopposed Gubernatorial Tickets. An eligible gubernatorial ticket that is unopposed in a primary election is entitled to receive a public contribution in the amount provided in the Act. Unaffiliated Gubernatorial Tickets. In this section, “political party” means any political party that nominates its candidates for public office pursuant to Election Law Article, §5-703.1 or 8-202, Annotated Code of Maryland. A gubernatorial ticket that is not affiliated with a political party is entitled to receive a public contribution if the gubernatorial ticket meets the requirements of the Act and this subtitle. Write-In Gubernatorial Tickets. A write-in gubernatorial ticket that meets the requirements of law is entitled to receive a public contribution if the gubernatorial ticket meets the requirements of the Act and this subtitle. Notice of Intent Deadline. For a primary election, the notice of intent shall be filed with the State Board not later than the deadline for filing a certificate of candidacy. Political Committee Required. At the time of filing a notice of intent, the candidate shall establish a gubernatorial ticket candidate committee to receive a public contribution. A request for certification pursuant to Election Law Article, § 15-107(a)(1), Annotated Code of Maryland, and an initial public contribution by a gubernatorial ticket candidate committee for a primary election shall be filed with the State Board no later than 11:59 p.m. on the first Tuesday following the first Monday in May in the year of the primary election with an ending transaction period of the first Monday in May for the corresponding campaign finance report. For a gubernatorial ticket participating only in a general election: The notice of intent shall be filed with the State Board no later than the deadline for filing a declaration of intent; and A request for certification and an initial public contribution by a gubernatorial ticket candidate committee for a general election shall be filed with the State Board no later than 11:59 p.m. on the first Tuesday following the first Monday in August in the year of the general election with an ending transaction period of the first Monday in August. Requests. To receive public contributions, an eligible gubernatorial ticket shall file a request at the time of filing a campaign finance report with the State Board, as provided in this chapter. Deadlines for Request. The request for a public contribution may be filed according to the campaign finance reporting schedule in Election Law Article, §13-309, Annotated Code of Maryland, for an authorized candidate campaign committee; and In addition to the requirements of §B(1) of this regulation, the request for a public contribution may also be filed at these additional time periods: The first and third Tuesdays in February, March, April, July, and September; and The first Tuesday in January, May, August, October, and November. Contents of Request. Each request shall be made under penalty of perjury and include: The date of the preceding request, if any; The amount of public contribution received to date, if any; The transaction period covered for the request of public contributions; The total number of eligible private contributions received; The total amount of public contributions requested for the transaction period; and A campaign finance report for the transaction period detailing: All contributions received, including: Any in-kind contributions received; and The designation of eligible private contributions; All expenditures made including any in-kind contributions received as an authorized expenditure; All outstanding obligations incurred; A contribution card for every contribution received; and A receipt associated with every expenditure made. Fund Allocations. Distributions from the Fund will be made only after January 1 of the year of the election. Distributions will occur on a first-come, first-served basis and will continue in that manner. By the first Tuesday following the first Monday in May of the year of the election, the State Board shall determine whether there is sufficient money available to provide a full public contribution to all eligible gubernatorial tickets. If the State Board determines that there are, or may be, insufficient funds for a full public contribution to all eligible candidate, then at the time of its determination the State Board shall allocate the remaining available money in the Fund so that all gubernatorial tickets receive a pro rata share of the full contribution to which they would otherwise be entitled from that time forward. An eligible gubernatorial ticket candidate committee may withdraw from receiving future public contributions if the gubernatorial ticket candidate committee: Files a Notice of Withdrawal signed by the gubernatorial ticket revoking the Notice of Intent to Participate; Repays the Fund the full amount of the public contribution received plus interest computed from the date of the first distribution; and Files a final campaign finance report for the gubernatorial ticket candidate committee. Contributions by Candidate. A contribution by the candidate or the spouse of the candidate who is part of a gubernatorial ticket shall count towards the qualifying contributor and aggregate contribution thresholds pursuant to the Election Law Article §15-104(c), Annotated Code of Maryland. Loan by Candidate. A loan by the candidate or the spouse of the candidate who is part of a gubernatorial ticket may not count towards the qualifying contributor and aggregate contribution thresholds pursuant to the Election Law Article §15-104(c), Annotated Code of Maryland. The State Board shall determine whether a gubernatorial ticket candidate committee is eligible to receive a public contribution not later than 10 business days after the filing of the gubernatorial ticket candidate committee’s initial request for public contribution. Initial Distribution. Promptly after determining that a candidate is eligible for a public contribution, the State Board shall order the Comptroller to disburse the initial public contribution to that eligible candidate. Qualification in January or earlier. If the State Board determines that a gubernatorial ticket candidate committee is eligible before January of the year of the election, the distribution of the initial public contribution shall occur on January 2, or the first Monday of January if January 2 falls on a weekend, of the year of the election. Continuing Distributions. Except as provided in §B of this regulation, within 5 business days of receiving a timely request from an eligible gubernatorial ticket candidate committee for a public contribution, the State Board shall authorize an additional distribution of a public contribution to that gubernatorial ticket candidate committee. Reports. An eligible gubernatorial ticket that received any public contribution shall file a campaign finance report with the State Board on the first Wednesday after the 90th day after that gubernatorial ticket candidate last appeared on the ballot for the election for which the gubernatorial ticket received the public contribution that includes: Payment of any unspent portion of the public contribution to the Fund; All contributions received since the last filed report; All expenditures made since the last filed report; and All outstanding obligations. Return of Excess. Except as provided in §C of this regulation, not later than the 90th day after a gubernatorial ticket that received a public contribution last appeared on the ballot, the gubernatorial ticket candidate committee shall return to the Fund any unspent portion of the public contribution. In determining whether surplus funds of a gubernatorial ticket candidate committee are unspent public contributions that must be returned, all private contributions raised shall be deemed to have been spent before any public contributions are deemed to have been spent, regardless of when any expenditure occurred. Outstanding Obligations. If an outstanding obligation was incurred not later than 45 days after the election for which the gubernatorial ticket appeared on the ballot and has not been paid, the eligible gubernatorial ticket candidate committee shall: Engage in campaign finance activities exclusively for the payment of the outstanding obligation; File campaign finance reports pursuant to Election Law Article, §13-309, Annotated Code of Maryland, for an authorized candidate campaign committee; Return to the Fund any excess public contributions remaining after payment of the outstanding obligation simultaneously with the filing of the final campaign finance report of the eligible gubernatorial ticket candidate committee; and Only receive private contributions. Late Fee Penalty. If an eligible gubernatorial ticket candidate committee fails to file the campaign finance report required under §A of this regulation, the State Board shall assess a late fee in the same method and manner as prescribed by Election Law Article 13-331(b), Annotated Code of Maryland. In-Kind Contributions. A gubernatorial ticket candidate committee may receive an in-kind contribution from any individual. The in-kind contribution counts towards the individual’s private contribution limit pursuant to Election Law Article, §15-102(h), Annotated Code of Maryland. An in-kind contribution: May not be considered an eligible private contribution; and Is not subject to matching dollars from the Fund. Candidate Contributions. A contribution or loan by the candidate or the spouse of the candidate who is part of a gubernatorial ticket is not subject to matching dollars from the Fund. Permissible Contributions. After filing a notice of intent, a gubernatorial ticket candidate committee may receive contributions of no more than $250 in an election cycle from an individual. Prior Contributions Received. Contributions received before the gubernatorial ticket files a notice of intent count towards the aggregate contribution limit in §A of this regulation if the contribution was received in the election cycle in which the gubernatorial ticket will appear on the ballot. Returned Contributions. Prior to filing a notice of intent, an authorized candidate campaign committee of a candidate may return contributions received within the election cycle to contributors on a pro-rata basis. A returned contribution to a contributor will lower the aggregate amount that the contributor gave to the gubernatorial ticket in the election cycle by the returned amount. Electronic Signatures. An individual may place an electronic signature on the contributor card. Electronic Signatures — Process. An electronic signature: Shall be affixed or entered directly by the signer onto an electronic copy of the contributor card; and May not be pre-populated or otherwise entered by the signer by way of a check box, radio button, drop-down list, or other similar device, but instead must be entered or affixed by the signer by making affirmative marks into an empty field. Electronic Signatures — Restrictions. An individual may not sign a contribution card with an electronic signature unless that individual affirms that the contribution: Is being made from personal funds of the individual; Is not being reimbursed or is not intended to be reimbursed in any manner; Is not being made as a loan; and If applicable, in the case of a credit card contribution, is made from a personal credit card account of the individual that has no corporate or business affiliation. An eligible gubernatorial ticket candidate committee may suspend campaign activities and cease from receiving future public contributions if the gubernatorial ticket candidate committee: Files a Notice of Suspension signed by the gubernatorial ticket candidates; Immediately ceases campaign operations; Seeks reimbursements and refunds for any future expenditures made or incurred; Pays all outstanding obligations within 45 days of the notice of suspension; Repays the Fund any remaining monies left within 60 days of the notice of suspension; and Acknowledges that the eligible gubernatorial ticket until a final campaign finance report for the gubernatorial ticket candidate committee is filed and approved: Remains subject to the restrictions and penalties of the Public Financing Act; and May not participate or coordinate in any fundraising activities for any campaign finance entity or person making independent expenditures. If an eligible gubernatorial ticket candidate committee files a Notice of Suspension, the members of the gubernatorial ticket may endorse another gubernatorial ticket, however: The endorsement may not be transmitted, distributed, disseminated or facilitated by any means controlled by or associated with the eligible gubernatorial ticket candidate committee, including social media accounts; and Subject to §C, of this regulation, the gubernatorial ticket, and persons acting on behalf of the gubernatorial ticket, remain subject to Election Law Article, §15-106(a), Annotated Code of Maryland. If the members of the gubernatorial ticket endorse another gubernatorial ticket, they may not be held liable under Election Law Article, §15-106(a), Annotated Code of Maryland, for any independent use of the endorsement by the endorsed campaign in any fundraising activity. Election Law Article, §§2-102(b)(4) and 15-111(b), Annotated Code of Maryland Effective date: Regulations .01—.11 adopted as an emergency provision effective February 1, 2000 (27:6 Md. R. 638); adopted permanently effective April 17, 2000 (27:7 Md. R. 710) Regulation .01 amended effective August 4, 2014 (41:15 Md. R. 893); December 12, 2022 (49:25 Md. R. 1053) Regulation .02 amended effective August 4, 2014 (41:15 Md. R. 893); December 12, 2022 (49:25 Md. R. 1053) Regulation .03 amended effective February 29, 2016 (43:4 Md. R. 337) Regulation .03C amended effective March 27, 2017 (44:6 Md. R. 329); December 12, 2022 (49:25 Md. R. 1053) Regulation .04 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .04A amended effective August 4, 2014 (41:15 Md. R. 893); September 12, 2016 (43:18 Md. R. 1018) Regulation .04C adopted effective August 4, 2014 (41:15 Md. R. 893) Regulation .05 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .06 amended effective August 4, 2014 (41:15 Md. R. 893); December 12, 2022 (49:25 Md. R. 1053) Regulation .06A amended effective February 29, 2016 (43:4 Md. R. 337) Regulation .06C amended effective December 10, 2015 (42:24 Md. R. 1507) Regulation .07 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .08 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .09 amended effective February 29, 2016 (43:4 Md. R. 337) Regulation .09B, C amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .10 amended effective February 29, 2016 (43:4 Md. R. 337); February 12, 2018 (45:3 Md. R. 159); December 12, 2022 (49:25 Md. R. 1053) Regulation .11 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .12 adopted effective February 29, 2016 (43:4 Md. R. 337) Regulation .12 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .13 adopted effective December 12, 2022 (49:25 Md. R. 1053) Regulation .14 adopted effective October 27, 2025 (52:21 Md. R. 1026) In General. A gubernatorial ticket candidate committee shall make expenditures: In accordance with Election Law Article, §3–218, Annotated Code of Maryland; To further the gubernatorial ticket’s nomination or election; For expenses incurred not later than 45 days after the election that the gubernatorial ticket last appeared on the ballot; and For purposes that do not violate State law. Receipt Required. Every expenditure made by the gubernatorial ticket candidate committee shall be accompanied by a receipt. Failure to Have Receipt. An expenditure made by the gubernatorial ticket candidate committee without an accompanying receipt is considered an impermissible expenditure. Expenditures by a State or local central committee of a political party coordinated with the gubernatorial ticket candidate committee are considered coordinated in-kind contributions. Coordinated In-Kind Contribution Limits. A State central committee may not make a coordinated in-kind contribution in excess of $150,000 per election to a gubernatorial ticket candidate committee in that election. A local central committee may not make a coordinated in-kind contribution in excess of $15,000 per election to a gubernatorial ticket candidate committee in that election. Any monies spent by a central committee on a coordinated in-kind contribution to a gubernatorial ticket candidate committee that has accepted a public contribution in an election must be raised from permissible sources for the gubernatorial ticket candidate committee within the reporting period for which the coordinated in-kind contribution was made. A gubernatorial ticket may not be a member of any slate committee except for the gubernatorial ticket campaign committee. Transfers from a gubernatorial ticket campaign committee to any other political committee are prohibited. In General. A gubernatorial ticket candidate committee shall include in-kind contributions received on a campaign finance report. In-Kind Contribution. An in-kind contribution includes: A contribution given to a political committee in nonmonetary form, such as services or property; or A coordinated expenditure made on behalf of the gubernatorial ticket or gubernatorial ticket candidate committee, where either candidate on the gubernatorial ticket or where any officer of the gubernatorial ticket candidate committee knows of and consents to the expenditure. Value. The value of an in-kind contribution is the fair market value of the item or service provided at the time of the contribution. Exemption — Volunteer Activities. Volunteer activity is not an in-kind contribution when an individual: Volunteers the individual's own time to a campaign; Uses the individual's personal vehicle to provide transportation related to the election; or Provides legal services associated with the election. An individual is not a volunteer when a business entity or other person compensates the individual, directly or indirectly, for working on behalf of the gubernatorial ticket candidate committee. Prior Campaign Committee. After the filing of a notice of intent to participate, any authorized candidate campaign committee associated with the gubernatorial ticket members for whom the notice of intent was filed shall cease all campaign finance activities . Prohibitions. Expenses incurred by a candidate’s authorized campaign committee prior to the filing of the notice of intent by that candidate are not allowable uses of public contributions. Pre-Paid expenses. Except as provided in §D of this regulation, any goods, services, or campaign material paid for by a candidate’s authorized campaign committee prior to the filing of a notice of intent by that candidate may not be used in the election after the candidate files the notice of intent. Allowable Transferable Services. A candidate’s authorized campaign committee may transfer, without any cost, the following to that candidate’s gubernatorial ticket candidate committee after the candidate signs a notice of intent: Website and social media accounts; Phones and associated numbers with the phones; The assumption of a lease for a campaign office; and Office furniture and equipment. Reports. The authorized candidate campaign committee of a candidate who has filed a notice of intent and established a gubernatorial ticket campaign committees must continue to file campaign finance reports until a final campaign finance report is filed with the State Board. Final Report. The authorized candidate campaign committee of a candidate who has filed a notice of intent and established a gubernatorial ticket campaign committee may not file a final campaign finance report until the gubernatorial ticket campaign committee files a final campaign finance report. During the Election. After filing a notice of intent, a gubernatorial ticket or a person acting on behalf of the gubernatorial ticket may not, for the benefit of any other political committee, any person required to register with the State Board under Election Law Article, §§13-306 and 13-307, Annotated Code of Maryland, or participating organization: Solicit contributions, including: The authorized use of the names or images of the gubernatorial ticket on the solicitations by the other political committee or person; or Appearing as a featured or honored speaker at a fundraiser event of the other political committee or person; or Coordinate fund-raising activities, including sharing of lists of potential donors. After the Election. The authorized candidate campaign committees of the individual candidates comprising the eligible gubernatorial ticket may not engage in campaign finance activities until the eligible gubernatorial ticket campaign committee files a final campaign finance report and repays to the Fund any unspent portion of the public contributions. Election Law Article, §§2-102(b)(4), 15-106, 15-109, and 15-111(b), Annotated Code of Maryland Effective date: Regulations .01—.06 adopted as an emergency provision effective February 1, 2000 (27:6 Md. R. 637); adopted permanently effective April 17, 2000 (27:7 Md. R. 710) Regulation .01 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .02 amended effective August 4, 2014 (41:15 Md. R. 893); December 12, 2022 (49:25 Md. R. 1053) Regulation .03 repealed effective December 12, 2022 (49:25 Md. R. 1053) Regulation .04 amended effective February 29, 2016 (43:4 Md. R. 337) Regulation .05 amended effective February 29, 2016 (43:4 Md. R. 337) Regulation .06 amended effective February 29, 2016 (43:4 Md. R. 337); December 12, 2022 (49:25 Md. R. 1053) Regulation .07 adopted effective February 29, 2016 (43:4 Md. R. 337) Regulation .07 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .08 adopted effective February 29, 2016 (43:4 Md. R. 337) The State Board shall order disbursement of money from the Fund in accordance with the requirements of the Public Financing Act and this subtitle. Board to Determine Fund Sufficiency. The State Board shall determine whether there is enough money in the Fund to provide a full public contribution to all eligible candidates in an election. Allocation of Funds. If the State Board determines that there is not or may not be enough money in the Fund to provide a full public contribution to all eligible candidates in an election, the State Board shall: Notify each eligible candidate; Allocate the available money so that each eligible candidate will receive a pro rata share of the full public contribution to which the candidate would otherwise be entitled; and Order the Comptroller to disburse the money as so allocated. Single Campaign Account. A gubernatorial ticket candidate committee shall designate only one campaign account. Financial Institution. The designated campaign account shall be in a financial institution that does business within Maryland. Receipt of Funds. All funds received by the gubernatorial ticket candidate committee shall be deposited into the designated campaign account. Expenditures Made. All expenditures made by the gubernatorial ticket candidate committee shall be made from the designated campaign account. An eligible gubernatorial ticket candidate committee may not expend a public contribution for: Any purpose that violates any law or regulation of the State; Any expense incurred later than 45 days after the election for which that committee received a public contribution; or Any real or personal property that will be retained more than 45 days: After the primary election, by a gubernatorial ticket candidate committee that has received a public contribution in the primary election and is not eligible to participate in the general election; or After the general election. Election Law Article, §§2-102(b)(4) and 15-111(b), Annotated Code of Maryland Effective date: Regulations .01—.06 adopted as an emergency provision effective February 1, 2000 (27:6 Md. R. 638); adopted permanently effective April 17, 2000 (27:7 Md. R. 710) Regulation .03 repealed effective December 12, 2022 (49:25 Md. R. 1053) Regulation .04 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .05 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .06 repealed effective December 12, 2022 (49:25 Md. R. 1053) Any outstanding obligation incurred by the gubernatorial ticket candidate committee shall be paid before that committee files a final campaign finance report. Eligibility to Fundraise. After the last election in which the gubernatorial ticket candidate committee is eligible to receive a public contribution has occurred, an eligible gubernatorial ticket candidate committee may solicit and receive private contributions for the purpose of eliminating an outstanding obligation incurred during the election. Any invoice for services rendered or procured shall be submitted to the gubernatorial ticket candidate committee not later than 60 days after the election in which the gubernatorial ticket appeared on the ballot. Any private contributions raised in the subsequent election cycle shall: Count towards the qualifying threshold for the subsequent gubernatorial election; Count towards the contribution limit of the individual for that election cycle; and Be eligible for payment to satisfy outstanding obligations from the prior election. Election Law Article, §§2-102(b)(4) and 15-111(b), Annotated Code of Maryland Effective date: November 24, 2014 (41:23 Md. R. 1377) Regulation .01 amended effective December 12, 2022 (49:25 Md. R. 1053) Regulation .02 amended effective December 12, 2022 (49:25 Md. R. 1053)