The bill enacts the "Interstate Medical Licensure Compact" in New Mexico, creating a streamlined process for physicians to obtain licensure across multiple states while preserving the regulatory authority of state medical boards. It establishes a framework that ties the practice of medicine to the patient's location during encounters, allowing state boards to impose disciplinary actions as necessary. The bill also details the roles and responsibilities of the Interstate Medical Licensure Compact Commission, which will consist of appointed commissioners from each member state, tasked with administering the compact, developing rules, and facilitating information sharing regarding licensure and disciplinary actions.

Additionally, the bill introduces provisions related to the withdrawal of member states from the compact, ensuring that any state that withdraws remains liable for all dues and obligations incurred prior to withdrawal. It outlines the process for reinstatement and empowers the commission to develop rules regarding the impact of withdrawal on physician licenses. The bill specifies the appointment of commissioners from the New Mexico medical board, with the governor appointing two licensed physicians, and mandates that the commission file its bylaws and rules with the state records administrator to promote transparency. Overall, the legislation aims to enhance healthcare access while ensuring compliance and accountability within the compact's framework.