(a)  The board of regents may revoke the charter of an independent charter school at any time, pursuant to § 16-77-5.1, if the school:

(1)  Materially violates any provision contained in the charter;

(2)  Fails to meet or pursue the educational objectives contained in the charter;

(3)  Fails to comply with fiscal accountability procedures as specified in the charter;

(4)  Violates provisions of law that have not been granted variance by the board of regents; or

(5)  After three (3) consecutive years of operation, is not a “high-performing charter school,” defined as a charter public school that has demonstrated overall success, including: (i) Substantial progress in improving student achievement and (ii) The management and leadership necessary to establish a thriving, financially viable charter public school.

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(b)  After denying or prior to non-renewing or revoking a charter, the department of elementary and secondary education will hold a hearing on the issues in controversy under § 16-39-1.