The bill establishes the "Interstate Medical Licensure Compact" in New Mexico, creating a streamlined process for physicians to obtain expedited medical licenses across multiple states. It aims to enhance healthcare access while preserving the regulatory authority of state medical boards. Key definitions related to the compact, such as "expedited license" and "member board," are provided, along with eligibility criteria for physicians. The bill also outlines the governance structure of the compact, including the appointment of New Mexico's representatives to the Interstate Medical Licensure Compact Commission, which will oversee the compact's administration, application processes, and sharing of disciplinary information among member states.

Additionally, the bill introduces new provisions, such as the appointment of two commissioners from the New Mexico medical board by the governor—one being a medical doctor and the other an osteopathic physician. It mandates that the interstate commission file its current bylaws and rules with the state records administrator to ensure transparency. The bill details the financial powers of the commission, including the ability to levy assessments on member states and conduct annual audits. It also outlines procedures for member states to withdraw from the compact, requiring a statute for withdrawal and notification to other member states, while ensuring that the withdrawing state remains responsible for obligations incurred until the withdrawal takes effect.