It simply requires the person to use the bathroom that matches the biological gender listed on their birth certificate.
Actually it does more then that:
1. It removes the ability of local governments to pass Public Accommodation laws preventing discrimination against LGBT customers.
2. It removes the ability of local government to pass employment laws preventing discrimination against LGBT employees.
3. It also added "biological" to the descriptor of "sex" under it policies of Public Accommodation non-discrimination to specifically target members of the LBGT community.
(Personally I don't think the far left or the far right are correct on this issue. I think reasonable people should have sat down at the table and worked out an accommodation instead of the legislature passing it in a one-day emergency session at night (8:00PM), the legislators not receiving the text of the bill until minutes before the session started, and with the Governor signing it immediately afterwards (10:00PM) and no public input. Maybe formal counseling and proof of the transgender individual living as their transgender sex in their day-to-day life and that gender being reflected on their drivers license or state ID to aleviate the "woman" for a day hyperbole used as a boogie man.)
http://www.ncleg.net/Sessions/2015E2/Bills/House/PDF/H2v1.pdf
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