VETERINARY MEDICAL LOAN REPAYMENT PGM

Added formal definitions for key terms including award, committee, department, designated underserved area, loan, recipient, and veterinarian.

Established a new veterinarian selection committee composed of state veterinarian, university extension veterinarian, and board of veterinary medicine chair.

Mandated a minimum four-year service commitment and quarterly reporting requirements for recipients.

Requires the board of veterinary medicine to maintain a database of employment opportunities in designated underserved areas.

Established that awards are dependent on practice location/characteristics and total veterinary school indebtedness.

Excludes certain debts from repayment eligibility including state loan-for-service program debts, scholarships, personal loans from friends or relatives, and loans exceeding standard school expense levels.

Set specific eligibility requirements requiring applicants to be US citizens or permanent residents, New Mexico residents, licensed veterinarians, and employed full-time in private food-animal practice in designated underserved areas.

Added preference for graduates from institutions that give preferential enrollment to New Mexico residents.

Defined award amounts of up to $15,000 per year for first two years and $25,000 per year for second two years, with a maximum total of $80,000.

Created penalty provisions allowing the department to assess penalties up to three times the award amount plus 18% interest for non-compliance, with provisions for contract release under extenuating circumstances.