The proposed bill establishes the Health Professions Advisory Committee, which will oversee the selection of loan repayment award recipients for health professionals practicing in New Mexico or willing to relocate to the state. The Higher Education Department is responsible for determining and disbursing award amounts and assisting loan recipients in finding positions in underserved areas. Key changes include the creation of the committee, which will consist of nine members from various health and education sectors, and the introduction of specific award criteria, allowing licensed physicians to receive up to $75,000 per year for four years, while other health professionals may receive awards based on their training and eligible education debt. The bill also introduces penalties for breaches of contract, including fees and interest on disbursed awards.

Additionally, the bill amends Section 21-22D-8 of the New Mexico Statutes to establish the "health professional loan repayment fund" as a nonreverting fund within the state treasury, consisting of appropriations, distributions, gifts, and grants. It mandates that at least fifty percent of the available funds at the start of each fiscal year be allocated for licensed physicians, with unspent funds carried over. The bill modifies Section 21-22D-10 to require annual reports to the governor and legislature detailing award amounts and recipient locations. It also repeals Sections 21-22D-2 and 21-22D-9 and appropriates $25 million from the general fund to the health professional loan repayment fund for fiscal year 2027 and beyond, ensuring that any unspent balance does not revert to the general fund.

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