shall establish a program under which the Commission shall make payments to States to operate a credit program which is described in section 8103 during an election cycle. (b) Requirements for program A State is eligible to operate a credit program under this part with respect to an election cycle if, not later than 120 days before the cycle begins, the State submits to the Commission a statement containing— (1) information and assurances that the State will operate a credit program which contains the elements described in section 8103(a)