(a) The commissioner of education shall temporarily withhold state funds, suspend the authority of an open-enrollment charter school to operate, impose any sanction under Texas Education Code, Chapter 39, Subchapter E, and/or take any other reasonable action the commissioner determines necessary, if the commissioner determines that a charter holder:(1) committed a material violation of the school's charter;(2) failed to satisfy generally accepted accounting standards of fiscal management; or(3) failed to comply with this subchapter or another applicable rule or law.(b) A determination under this section shall be made through a final investigative report issued by the Texas Education Agency.(c) The commissioner shall notify the open-enrollment charter school in writing of the action taken under this section. The notice must state the legal and factual basis for the action.