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.