SPONSOR: Owen
This bill creates the "Uniform Mortgage Modification Act", establishing new procedures with respect to modifications of mortgages.
The bill provides that, for any mortgage modification, defined in the bill, all of the following apply:
(1) The mortgage continues to secure the obligation as modified;
(2) The priority of the mortgage is not affected by the modification;
(3) The mortgage retains its priority regardless of whether a record of the mortgage modification is recorded in the public land records; and
(4) The modification is not considered a novation.
This bill supersedes the Federal Electronic Signatures in Global and National Commerce Act, as permitted by that Act, except as otherwise provided in this bill.
The bill contains various exceptions.
This bill is similar to SB 834 (2026).
Statutes affected: