The bill amends the Health Professional Loan Repayment Act to require that award recipients be health professionals who either currently practice in New Mexico or agree to relocate and begin practicing in the state. The Higher Education Department is tasked with determining and disbursing award amounts, which will prioritize licensed physicians and consider factors such as health professional shortage areas and the recipient's total eligible education debt. The bill also introduces new definitions related to the program, allows for the assessment of fees upon breach of contract, and establishes specific award criteria, including minimum service periods for recipients.

Additionally, the bill creates a nonreverting Health Professional Loan Repayment Fund, which will be administered by the department and consist of various sources of funding. It mandates that at least fifty percent of the available funds be allocated to licensed physicians. The bill also requires annual reporting to the governor and legislature on the program's activities and outcomes. Furthermore, it repeals certain sections of the existing law that are no longer necessary.

Statutes affected:
introduced version: 21-22C-4, 21-22D-3, 21-22D-4, 21-22D-5, 21-22D-6, 21-22D-7, 21-22D-8, 21-22D-10
HC substitute: 21-22D-3, 21-22D-6, 21-22D-7, 21-22D-8, 21-22D-10
Final Version: 21-22D-3, 21-22D-6, 21-22D-7, 21-22D-8, 21-22D-10