MN SF55

Reduces the commissioner's deadline to approve or disapprove charter school authorizer applications from 60 business days to 45 business days, with an additional 15 business days after deficiency correction.

Removes the $2,000,000 fund balance requirement for charitable organizations seeking approval as charter school authorizers and eliminates the restriction limiting single-purpose authorizers to "no more than three."

Allows school boards to authorize replacement charter schools for schools they decide to close if the new charter is substantially different in purpose and program from the closed school.

Modifies charter school board composition requirements to prohibit contractors providing facilities, goods, or services from serving on the board and clarifies conflict-of-interest provisions for board members.

Establishes a transitional provision allowing authorizers that chartered schools before August 1, 2009, but failed to obtain commissioner approval to continue authorizing until June 30, 2012, after which charter schools must transfer to an approved authorizer or cease operation.