Establishes the Study Commission on State Government Contract Savings (Commission) to study and make recommendations on: (1) ways to generate State budgetary savings through potential renegotiation and modification of existing State contracts valued at $20 million or more, (2) the best contract engagement methods for new State contracts valued at less than $20 million, (3) State agencies failing to use existing State Term Contracts to procure common goods and services, (4) redundant State agency contracts that may be consolidated into State Term Contracts managed by the Department of Administration, and (5) any other relevant matters. Sets out membership of the Commission. Sets out meeting requirements, including that the Commission must first meet within 30 days of when this act becomes law. Specifies that the Commission's work product is not subject to the provisions of GS Chapter 132 (Public Records).

Includes provisions governing meeting space, funding from the Legislative Services Commission, and assignment of professional and clerical staff. Requires the Office of State Auditor, Office of State Budget and Management, and the Fiscal Research Division to provide support to the Commission. 

Requires the Commission to report quarterly and a final report to the NCGA by May 1, 2021. Terminates the Commission upon the earlier of May 1, 2021, or upon the filing of the final report.

Appropriates $200,000 for 2020-21 from the General Fund to the NCGA to fund the Commission's work. Effective July 1, 2020.