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 that the practice of medicine is determined by the patient's location, requiring physicians to be licensed in the state where the patient is situated. The bill outlines the roles of the interstate commission, which will oversee the compact's administration, including the appointment of commissioners from member states and the management of expedited licensing processes, eligibility requirements, and renewal procedures. It also mandates that member states report any disciplinary actions against physicians to ensure a coordinated tracking system for licensure and disciplinary records.

Additionally, the bill introduces provisions regarding the withdrawal of member states from the compact, stating that a withdrawing state remains liable for all obligations incurred prior to withdrawal and can be reinstated if it reenacts the Compact. It specifies the appointment process for 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 promote transparency. Overall, the legislation aims to enhance cooperation among states in regulating medical licensure while ensuring accountability and structured governance within the interstate commission.