(a) A gubernatorial ticket may withdraw from participation as a publicly funded candidate at any time before a public contribution is received by the gubernatorial ticket’s campaign finance entity.

(b) If a public contribution has been received by an eligible gubernatorial ticket’s campaign finance entity, the eligible candidate may withdraw from participating if the gubernatorial ticket:

(1) files a statement of withdrawal on a form prescribed by the State Board; and

(2) repays to the Fund the full amount of any public contribution received, with interest established in regulation by the State Board.