SCH CD-CHARTER SCH-RENEW-FIN

Amends the Charter Schools Law of the School Code. Provides that a charter shall be granted for a period of 5 school years (instead of may be granted for a period not less than 5 and not more than 10 school years) and may be renewed in incremental periods not to exceed 10 (instead of 5) school years. With respect to start-up grants and loans from the Charter Schools Revolving Loan Fund, makes changes concerning their use and the maximum amount that may be awarded. Provides that (i) an additional charter school campus of a replicating charter school is eligible to receive a loan; (ii) if a charter school is located in a building owned by its school district, the State Board of Education shall award 10% of the loan for that charter school to the district; (iii) the State Board may prioritize awarding loan funds to charter schools located in buildings owned by their school district; and (iv) a charter school is responsible for repaying only the loan amount that the charter school received. Effective immediately.