Amends GS 115C-281.5 (pertaining to final approval of applications for charter schools) as follows. Removes State Board of Education (Board) authority to adopt requirements or additional criteria beyond the statute for approval of a charter school application. Requires the Board to approve any charter school application that meets the statutory criteria. Specifies four additional criteria (with multiple prongs) that applicants must meet for approval of charter schools that are related to: (1) the need for the proposed school; (2) academics and programming; (3) parental and community support; and (4) financial support and sustainability. Removes provisions of GS 115C-281.5 that encourage the Board to give preference to applications that demonstrate the capability to provide comprehensive learning experiences to students identified by the applicants as at risk of academic failure.

Specifies that applicants must establish one or more of the prongs to determine there is a need for the proposed charter school by providing evidence demonstrating: (1) interest from parents for students that will utilize 75% of the proposed initial enrollment of the charter; (2) based on current interest from parents, the charter school will be able to achieve or surpass 75% of the proposed initial enrollment of the charter within the first year of operation; (3) no other charter schools exist within the zip code area, as defined by the United States Postal Service, in which that application proposes location of the charter school; and/or (4) at least one charter school has a waitlist that exists within the zip code area, as defined by the United States Postal Service, in which that application proposes location of the charter school.

Specifies that an applicant must establish it meets at least one the following academic and programmatic criteria prongs: (1) The new charter school is proposed to be located within all or part of the same zip code area, as defined by the United States Postal Service, as a local school administrative district designated as low-performing at the time of consideration of the application; (2) the new charter school is proposed to be located within the same zip code area, as defined by the United States Postal Service, as a school designated as low-performing at the time of consideration of the application; (3) no other school with an equivalent curriculum exists within a 3-mile radius of the proposed charter school site; (4) evidence demonstrating that a majority of schools in the State contracted with the proposed education management entity or charter management entity exceed one of the following: (i) the State average school achievement score; (ii) the average school achievement score for schools in the local school administrative unit in which the charter school is located; or (iii) the State average subgroup performance score for targeted student subgroups; (5) evidence demonstrating that charter schools affiliated with the proposed education management entity or charter management entity have increased individual student proficiency or academic growth during their enrollment.

Specifies that an applicant must establish it meets at least one the following parental and community support criteria prongs: (1) demonstration of strong interest and community support evidenced either in the form of letters of support or verifiable survey results from individuals and businesses within the county in which the proposed charter school will be located and adjacent counties; (2) a confirmed waitlist of students for the school based on the address of the student's primary place of residence; or (3) evidence demonstrating that charter schools affiliated with the proposed education management entity or charter management entity have positive student retention statistics.

Specifies that an applicant must establish it meets all of the following financial support and sustainability criteria prongs: (1) documentation that the board of directors or the proposed education management entity or charter management entity has the financial ability to contribute to, or mobilize support for, the charter school during its initial three years of existence; (2) documentation that the board of directors or the proposed education management entity or charter management entity can either lease space within an existing building sufficient to meet the needs of the school or secure an identified site upon which the school shall be built if approval is granted; (3) evidence that the board of trustees' membership or the proposed education management entity or charter management entity has experience or expertise in educational management, community  engagement, and business administration.

Specifies that the Board can only grant an application based on the statutory criteria, and that it must grant a initial charter for a period not to exceed 10 years.

Allows applicants for a charter denied after September 1, 2022, to apply for immediate reconsideration of their application under the new statutory factors. Sets time limits by which the Board must consider the application for reconsideration. Provides that all charters granted on or after September 1, 2022, and when the act becomes law are valid. Prohibits any rules or policies that are inconsistent with this act from being enforced. Requires the Board to repeal any such inconsistent rules or policies and prevents the Board from adopting any new rules or policies that would be inconsistent with the act.

Amends GS 115C-218(b) (powers of the Charter Schools Advisory Board), to give the Board the duty to review applications and make recommendations to the State Board on whether the application meets the criteria in GS 115C-218.5 for final approval of the charter (was, review applications and make recommendations to the State Board for final approval of the charter).

Makes conforming changes to GS 115C-218.1(b) to remove references to any criteria beyond the statutory criteria and to add references to amended GS 115C-218.5.

Effective September 1, 2022.