(a) This section applies to a school district if the district is subject to commissioner action under Section 39A.001, and for two consecutive school years, including the current school year, the district has:
(1) received an accreditation status of accredited-warned or accredited-probation;
(2) failed to satisfy any standard under Section 39.054(e); or
(3) failed to satisfy financial accountability standards as determined by commissioner rule.
(b) The commissioner may revoke the accreditation of a school district subject to this section and:
(1) order closure of the district and annex the district to one or more adjoining districts under Section 13.054; or
(2) in the case of a home-rule school district or open-enrollment charter school, order closure of all programs operated under the district's or school's charter.