The proposed bill establishes the Veterinary Medical Loan Repayment Program in New Mexico, aimed at addressing the shortage of food-animal veterinarians in designated underserved areas. It introduces the "Veterinary Medical Loan Repayment Act," which outlines definitions, powers, and duties of the higher education department, as well as the formation of a veterinarian selection committee responsible for selecting qualified applicants. Eligible participants must be licensed veterinarians in New Mexico, employed full-time in private practice within designated areas, and the program will provide loan repayment awards based on specific criteria, including the applicant's total veterinary school indebtedness.

Additionally, the bill creates a nonreverting "veterinary medical loan repayment fund" to finance the awards, which will be sourced from appropriations, gifts, and grants. It mandates annual reporting to the governor and legislature on the program's activities, including the number of awards given, completion rates, and service locations of recipients. The bill also includes provisions for contract enforcement, penalties for non-compliance, and the potential release of recipients from contract obligations under certain circumstances. An appropriation of $5 million from the general fund is allocated to support the program from fiscal years 2026 through 2031.