Enacts GS 116-11.4 governing the accreditation process for UNC constituent universities, and GS 115D-6.1 governing the accreditation process for community colleges, providing as follows. Requires the UNC Board of Governors (BOG) and State Board of Community Colleges (State Board) to consult with each other to identify and determine all accrediting agencies or associations that are best suited to serve as an accreditor for their institutions. Requires the BOG/State Board to make its determination from among the database of recognized accrediting agencies created and maintained by the US Department of Education. Requires publication of the list of preferred accrediting agencies to the constituent institutions/community colleges and maintaining the list. Prohibits a constituent institution or community college (as applicable) from receiving accreditation by the same agency for consecutive accreditation cycles except as follows. Requires initially pursuing accreditation with a preferred accrediting agency when pursuing accreditation with a different agency. If each preferred agency refuses to grant candidacy status to the constituent institution/community college, the entity must seek accreditation from any recognized accrediting agency that is different from its current one. If the entity is not granted candidacy status by any recognizing accrediting agency at least three years before the expiration of its current accreditation, the entity may remain with its current agency for an additional accreditation cycle. Sets out programs that are exempt from these requirements.

Allows a constituent institution or community college to bring a civil action against any person who makes a false statement to the accrediting agency if all of the following criteria are met: (1) the statement, if true, would mean the constituent institution/community college is out of compliance with its accreditation standards; (2) the person made the statement with knowledge that the statement was false or with reckless disregard as to whether it was false; (3) the accreditation agency conducted a review of the constituent institution/community college as a proximate result of the statement; and (4) the review caused the constituent institution/community college to incur costs. Sets out amounts that can be recovered by a prevailing constituent institution/community college, including costs related to the review conducted by the accrediting agency.

Requires the development and publishing of the list of preferred accrediting agencies by September 1, 2023. 

Amends GS 116-11 and GS 115D-5 to require the adoption of policies requiring constituent institutions/community colleges to be accredited according to GS 116-11.4/GS 115D-6.1, as applicable.

Amends GS 116-201, GS 116-280, and GS 115D-5 by making conforming changes.