NM SB14

Creates a seven-member Health Professions Advisory Committee to select recipients of loan repayment awards, composed of representatives from the departments of health, health care authority, higher education, UNM Health Sciences Center, the New Mexico Medical Board, and two professional health association representatives

Licensed physicians receive $75,000 per year for four consecutive years (with potential fifth year), while other health professionals receive awards calculated based on years of training required for licensure, with a base of $40,000 divided by eight years of training

Requires at least 75% of the Health Professional Loan Repayment Fund to be used for awards to physicians licensed under the Medical Practice Act

Expands eligible health professionals to include those licensed under 13 different practice acts covering physicians, physical therapists, pharmacists, psychologists, counselors, dentists, and emergency medical services personnel

Appropriates $25 million from the general fund to the Higher Education Department for fiscal year 2027 and subsequent years, with unexpended balances not reverting to the general fund