The bill amends the Health Professional Loan Repayment Act to enhance the criteria and administration of loan repayment awards for health professionals in New Mexico. Key changes include the definition of "award" as a monetary grant for repaying eligible education debt, and the specification of eligible health professionals, which now includes a broader range of licensed practitioners under various health-related acts. The Higher Education Department is tasked with determining award amounts, disbursing funds, and establishing rules for program administration. Additionally, the bill introduces new criteria for award eligibility, emphasizing that recipients must either currently practice in New Mexico or agree to relocate and begin practice within 90 days of receiving the award.

The bill also establishes a non-reverting "health professional loan repayment fund" to support the program, with a significant appropriation of $25 million from the general fund for fiscal year 2027 and beyond. It outlines the penalties for non-compliance with contract terms, including potential fees and interest on disbursed awards. Furthermore, the bill mandates annual reporting by the department to the governor and legislature, detailing the awards granted and the professional distribution of recipients. Lastly, it repeals certain outdated sections of the existing law to streamline the program's framework.

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
PA substitute: 21-22D-3, 21-22D-5, 21-22D-6, 21-22D-7, 21-22D-8, 21-22D-10