IL SB3391

Charter operators must execute renewal agreements within 90 days of authorizer approval or face automatic nonrenewal and loss of all district payments, including per-pupil tuition and grant funding

Charter schools must maintain closure security equal to 3 months of operating expenditures through escrow accounts, surety bonds, letters of credit, or segregated reserve funds

Closure security funds must be used in priority order for student transition costs, employee payroll and severance, records transfer, return of public assets, and administrative closure costs

Authorizers may appoint an independent fiscal manager for up to 180 days when charter schools show signs of financial distress, including missed payroll, audit findings indicating insolvency, or evidence of fund misappropriation

If closure security is insufficient, the authorizer or State Board of Education may bring civil action against the charter operator and impose liens on operator property to recover unpaid amounts