The bill establishes the Commission on the Oversight of Public Institutions of Higher Education in New Jersey, tasked with examining the structure of public higher education and recommending improvements in financial transparency, accountability, and oversight. The commission will consist of 12 members, including ex officio members such as the Secretary of Higher Education and the Executive Director of the Higher Education Student Assistance Authority, as well as appointees from the Governor and legislative leadership, including representatives from county colleges, public-sector labor unions, and student representatives from various types of public institutions. The commission is required to meet at least three times and will be supported by the Office of the Secretary of Higher Education.

The commission's responsibilities include studying financial transparency, accountability, and oversight of public higher education institutions, with a focus on tuition, fees, student loan debt, and measures to protect students from predatory lending. It is mandated to issue a final report to the Governor and the Legislature within 180 days of its organization, detailing its findings and recommendations. The commission will dissolve 30 days after submitting its report.