Student Protection Act - Requires that by FY2012 states have in effect laws and policies that require disciplining of any school, state, or local educational agency employee who, having reason to believe another employee has committed an act of sexual misconduct against a student, fails to report such act in the same manner the state requires the reporting of child abuse and neglect or, in the absence of such a requirement, as quickly as practicable.
Requires each state to have a single, statewide commission for receiving and documenting such reports that: (1) establishes policies for investigating and reporting such allegations; and (2) has a toll-free number that can be used anonymously to report such allegations.
Directs states to report to the Secretary of Education whenever an employee is terminated or punished on the basis of an act of sexual misconduct toward a student, including the reason such action was taken and the identification and last known address such individual.
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.