Bill > SB411

This bill establishes the Physician Loan Repayment Act to address physician shortages in underserved areas of New Mexico by creating a loan repayment program for medical professionals. The program allows physicians licensed in New Mexico to receive loan repayment awards in exchange for serving in designated healthcare shortage areas, with awards up to $75,000 annually and a maximum of $300,000 over four years. Eligible applicants must be U.S. and New Mexico citizens who intend to practice in underserved regions, with preference given to graduates of New Mexico post-secondary institutions. The Higher Education Department will manage the program, carefully investigating applicants' qualifications and assisting selected physicians in finding practice positions. The bill creates a dedicated Physician Loan Repayment Fund with an initial appropriation of $15 million, and establishes strict contract terms requiring recipients to complete a minimum four-year service commitment. If recipients fail to comply with contract terms, they may be required to repay up to three times the award amount plus interest. The program excludes certain types of educational debt from repayment, such as scholarships and personal loans, and includes provisions for contract cancellation or release under specific circumstances like serious illness or extreme hardship. The department is also required to provide annual reports to the governor and legislature detailing the program's performance and impact.

Education, Justice

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=411&year=25