The bill amends the Oklahoma Charter Schools Act to establish new requirements for charter school applications and oversight, effective July 1, 2024. Applicants will be required to complete a training program provided by the Statewide Charter School Board before submitting their applications, which must include comprehensive details such as mission statements, financial plans, hiring policies, and academic program descriptions. Additionally, charter schools will be mandated to include a public comment period during meetings, post Open Records Act request procedures on their websites, and submit annual compliance reports to their sponsors.

The bill also strengthens the oversight responsibilities of sponsors, requiring them to conduct annual performance reviews of charter schools and virtual charter schools, which must be shared with governing boards and made publicly available. These reviews will assess academic, operational, and financial performance, incorporating feedback from parents through anonymous surveys. Furthermore, the bill outlines procedures for the renewal and potential termination of charter contracts, including the development of corrective action plans for identified deficiencies and clear criteria for renewal decisions. It allows for the closure of schools in the bottom five percent of public schools and introduces processes for revocation and nonrenewal, ensuring timely notifications and opportunities for schools to respond. The act is set to take effect on July 1, 2026, with an emergency clause for immediate implementation upon passage.