8. a. Prior to approving a charter school application and granting a charter, the Commissioner of Education shall review:
(1) the application material submitted by the proposed charter school pursuant to section 5 of P.L.1995, c.426 (C.18A:36A-5);
(2) the proposed charter school’s anticipated financial impact on the school district in which the charter school is to be located; and
(3) any other information the commissioner deems necessary.
b. The commissioner shall give equal consideration to the information reviewed pursuant to the provisions of subsection a. of this section when determining whether to grant or deny an application for a charter school established after the effective date of P.L.2025, c.277 (C.18A:36A-2.1 et al.).