Amends GS 115C-218.1 by adding a new subsection (d) to direct the State Board of Education (SBE) and the North Carolina Charter Schools Advisory Board to focus on a substantive review of the content of charter school applications to determine the likelihood of the proposed charter school meeting the requirements set forth in GS 115C-218.5(a) (providing the findings that support the SBE granting final approval of a charter school application). Requires that the applicant receive timely notification of format issues or incomplete information and receive at least five business days to correct the defects in the application. Requires the Advisory Board to allow an applicant to address the Advisory Board regarding the application for at least 10 minutes immediately before there is any final vote on the application. Applies to initial applications for and the renewal of a charter school on or after the effective date of this act. Provides that this act becomes effective when it becomes law.

Amends GS 115C-218.50 to provide an exception to allow charter schools to establish certain fees upon approval by the charter school's board of directors. Requires the charter school to annually submit a schedule of fees charged to students to the Department of Public Instruction (DPI).

Directs the Joint Legislative Education Oversight Committee (Committee) to study the funding allocated to charter schools for students with disabilities. Directs the Committee to review the services provided to students with disabilities in order to identify potential strategies to improve academic performance, provide financial stability for charter schools that serve a substantial number of students with disabilities, and increase the effectiveness of the cost of the services provided to these students. Directs the Committee to report its findings and recommendations, including any proposed legislation, to the 2016 Regular Session of the 2015 General Assembly.

Additionally directs the Committee to study the rules, procedures, and policies that apply to charter schools to determine if they are necessary to meet the purposes specified for charter schools in the charter school statutes, in Article 14A of GS Chapter 115C. Requires the Committee to report its findings to the 2016 Regular Session of the 2015 General Assembly.