Senate committee substitute to the 1st edition makes the following changes.

Amends GS 116-11.4 governing the accreditation process for UNC constituent universities, and GS 115D-6.2 (was, GS 115D-6.1) governing the accreditation process for community colleges, as follows. Removes the terms referred accrediting agency and recognized accrediting agency. Adds and defines regional accrediting agency as one of the six specified entities. Removes the requirement that the UNC Board of Governors (BOG) and State Board of Community Colleges (State Board) 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; makes conforming deletions. Prohibits accreditation by an accrediting agency for consecutive accreditation cycles (was, prohibited receiving accreditation by the same agency for consecutive accreditation cycles). Now requires an institution or college that pursues accreditation with a different accrediting agency in accordance with this section to pursue accreditation with a regional accrediting agency. If the constituent institution or college is not granted candidacy status by any regional accrediting agency that is different from its current accrediting agency at least three years prior to the expiration of its current accreditation, it may remain with its current accrediting agency for an additional accreditation cycle. 

Requires the BOG to establish a Commission to study alternatives to the current process by which institutions of higher education are accredited and invite stakeholders, including those from other states, to participate. Requires an interim report on efforts to recruit stakeholders to participate to the specified NCGA committee by September 1, 2023. Requires a report on any findings the BOG develops to the same committee by September 1, 2024.

Makes conforming changes to GS 90-631(b) (concerning accreditation of a massage and bodywork therapy program operated by a North Carolina community college); GS 93A-4(a2) (concerning fees paid by a certified real estate education provider); GS 93A-38.5(e) (concerning fees paid by private real estate education providers); GS 93E-1-7(b2) (concerning continuing education fees); GS 93E-1-8 (concerning fees for real estate and appraiser courses); and GS 130A-309.28 (concerning research projects on hazardous waste). Also makes conforming changes to previously amended GS 116-201(b)(8) and GS 116-280(3).

Amends the act's long title.