A. Award criteria shall provide that: (1) amounts are dependent on the location and characteristics of the medical practice and the applicant's total veterinary medical school indebtedness; (2) preference in making awards shall be to persons who have graduated from a post-secondary educational institution that gives preferential enrollment to New Mexico residents; (3) award amounts may be modified based on available funding or other special circumstances; and (4) an award shall not exceed the total veterinary medical education indebtedness of the recipient. B. The following education debts are not eligible for repayment pursuant to the Veterinary Medical Loan Repayment Act: (1) amounts incurred as a result of participation in state loan-for-service programs or other state financial aid programs that require that service be provided in exchange for financial assistance; (2) scholarships; (3) personal loans from friends or relatives; and (4) loans that exceed individual standard school expense levels. C. The award shall be evidenced by a contract between the recipient and the department acting on behalf of the state. The general form of the contract required shall be approved by the attorney general and signed by the recipient and the department or the designated representative of the department on behalf of the state. D. The contract shall provide for the payment by the state of a stated sum to the recipient's debtors and shall state the obligations of the recipient under the program, including a minimum four-year period of service, quarterly reporting requirements and other rules established by the department. E. Recipients shall serve a complete year in order to receive credit for that year. The annual award shall be established by the department but shall not exceed fifteen thousand dollars ($15,000) for each of the first two years and twenty-five thousand dollars ($25,000) for each of the second two years, for a total not to exceed eighty thousand dollars ($80,000). F. If a recipient does not comply with the terms of the contract, the department shall assess a penalty of up to three times the amount of the award disbursed plus eighteen percent interest, unless the department finds acceptable extenuating circumstances, including those that require release of contract, as to why the recipient cannot serve or comply with the terms of the contract. If the department does not find acceptable extenuating circumstances for the recipient's failure to comply with the contract, the department shall require immediate repayment plus the amount of the penalty. G. The department shall adopt rules to implement the provisions of this section. The rules may provide for the disbursement of awards to the lenders of recipients in annual or other periodic installments. History: Laws 2025, ch. 53, § 4.
‹ Prev All New Mexico sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.