Student Protection Act - Requires that by FY2010 states have in effect laws and policies requiring an individual educator who has reason to believe that another educator has committed an act of sexual misconduct against a student to report such act to the state as quickly as possible, within 48 hours whenever possible, or else face discipline.
Requires each state to have a single, statewide commission for receiving such reports that: (1) establishes policies for investigating and reporting such allegations; and (2) has a toll-free number that can be used to make anonymous allegations.
Directs states to report to the Secretary of Education the details of each act of sexual misconduct against a student for which an educator has been punished, including details regarding the educator and the punishment levied.
Authorizes the Secretary to penalize noncompliant states by reducing their funding under the Elementary and Secondary Education Act of 1965 by up to 5%.
Directs the Secretary to maintain a national database that contains, at a minimum, the details this Act requires each state to report to the Secretary.