(a) The State Board may terminate a campaign finance entity if the State Board determines that good cause exists and that:

(1) the campaign finance entity could be terminated under § 13-309(b)(4) of this subtitle except for the existence of one or more outstanding obligations and each of those obligations is more than 5 years old;

(2) no responsible officer currently is appointed and serving; or

(3) other extenuating circumstances exist to justify terminating the campaign finance entity.

(b) The termination of a campaign finance entity under this title does not limit the right of:

(1) the State Board, or the State Prosecutor or the State’s Attorney, to pursue an enforcement action against the former responsible officers of, or any candidate formerly affiliated with, the campaign finance entity; or

(2) a creditor to bring an action against the former responsible officers of, or any candidate affiliated with, the campaign finance entity.