The bill establishes the "Interstate Medical Licensure Compact" in New Mexico, creating a streamlined process for physicians to obtain licensure across multiple states. It sets forth a framework that enhances healthcare access by facilitating the portability of medical licenses while preserving the regulatory authority of state medical boards. Key provisions include eligibility criteria for expedited licensure, application processes, and a coordinated information system for sharing disciplinary actions among member states. The bill also outlines the responsibilities of the interstate commission, which will oversee the compact's administration, develop rules regarding fees and renewals, and conduct joint investigations of physicians.

Additionally, the bill mandates transparency and accountability within the interstate commission, requiring public access to meetings and detailed record-keeping. It grants the commission financial powers, including the ability to levy assessments on member states and conduct annual audits. The legislation also details procedures for member states to withdraw from the compact, ensuring they remain liable for obligations incurred prior to withdrawal. Notably, the bill introduces new provisions for the appointment of commissioners from the New Mexico medical board, requiring the governor to appoint two licensed physicians and allowing for an alternative commissioner. The interstate commission is also tasked with filing its bylaws and rules with the state records administrator to ensure compliance with the State Rules Act.