The bill enacts the "Interstate Medical Licensure Compact" in New Mexico, creating a streamlined process for the licensing of physicians across member states. It establishes a framework for appointing New Mexico's compact commissioners, requiring the public posting of the interstate commission's bylaws, rules, documents, and minutes. The compact aims to expedite the issuance of medical licenses to eligible physicians, allowing them to practice in multiple states without undergoing the full licensing process in each. The bill outlines eligibility criteria, the application process for expedited licensure, and the responsibilities of the interstate commission, including managing the compact and overseeing disciplinary actions.

Additionally, the bill amends the Medical Practice Act to incorporate provisions related to the compact while preserving state authority. It specifies that no employer can require a physician licensed in New Mexico to seek licensure through the Compact as a condition of employment. The governor is tasked with appointing two licensed physicians as commissioners, ensuring representation from both allopathic and osteopathic backgrounds. The bill also allows for joint investigations between state medical boards under the Compact, contingent upon a written agreement, and includes a repeal clause that would withdraw New Mexico from the Compact if any rule is found inconsistent with the Medical Practice Act.