The proposed bill enacts the "Interstate Medical Licensure Compact" in New Mexico, creating a streamlined process for physicians to obtain licensure across multiple states. This compact aims to improve healthcare access by establishing a framework that works alongside existing state medical board regulations. Key provisions include eligibility criteria for expedited licensure, the designation of a principal state license, and the processes for application, issuance, and renewal of licenses. The bill also outlines the responsibilities of member boards, such as sharing disciplinary actions and coordinating investigations, while establishing an interstate commission to oversee the compact's administration.

Additionally, the bill details the governance structure of the interstate commission, including meeting requirements, voting procedures, and financial powers. It mandates that the commission meet at least once a year and allows for telecommunication meetings. The bill also 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. Furthermore, it introduces provisions for a state to withdraw from the compact, including the requirement for a statute to be enacted for withdrawal, and mandates that the interstate commission file copies of its bylaws and rules with the state records administrator to ensure transparency.