Senate committee substitute makes the following changes to 1st edition. Amends the title of the Board established in the North Carolina Community Colleges System Office in proposed GS 115D-89.1 to the State Board of Proprietary Schools (was, the State Board of Private Sector Postsecondary Education). Makes conforming changes to various provisions in GS Chapter 115D to replace references to the State Board of Private Sector Postsecondary Education with references to the State Board of Proprietary Schools (Board), or to add references to the State Board of Proprietary Schools, as applicable. Clarifies that either the President of the North Carolina Community College System or the President’s designee is to serve on the State Board of Proprietary Schools. Deletes provision that initial appointments to the Board must begin July 1, 2011. Deletes requirement that the Governor convene the membership of the Board on or before January 1, 2012. Clarifies that the Board’s authority to establish certain fees is in accordance with Article 2A of GS Chapter 150B. Deletes changes to subsection GS 115D-95(c) and subdivisions (1) and (2) of subsection (c), which replaced authority of the State Board of Community Colleges with regard to bond waivers, assignment of savings account, and certain certificates of deposit, transferring that authority to the State Board of Private Sector Postsecondary Education. Amends GS 115D-95(b)(2) to provide that bond amounts required with the application for a license as a proprietary school must be evaluated under this subdivision and the rules of the State Board of Community Colleges and the State Board of Proprietary Schools (was, the rules of the State Board of Community Colleges). Makes additional technical and clarifying changes.