17. a. A board of trustees of a charter school shall submit a compensation study to the commissioner:
 
   (1)   in any school year during which a charter school enters into, renews, or substantially modifies a contract with the lead person of the charter school as part of the charter school’s annual report required pursuant to subsection b. of section 16 of P.L.1995, c.426 (C.18A:36A-16); and
 
   (2)   at any other time the commissioner deems necessary.
 
   b.   A board of trustees of a charter school may utilize a compensation study completed in any of the immediately preceding three school years to comply with the provisions of this section.
 
L.2025, c.277, s.17.