The bill proposes to amend chapter 443 of the Revised Statutes of Missouri by adding six new sections that establish the "Uniform Mortgage Modification Act." This act introduces definitions for key terms related to mortgage modifications, such as "modification," "obligation," and "obligor," and outlines the scope of the act, which applies to various types of mortgage modifications while excluding certain modifications like property releases or changes in obligors. The act clarifies that modifications will not affect the priority of the mortgage and that the mortgage continues to secure the obligation as modified. Additionally, the bill specifies that the new sections will modify, limit, or supersede certain provisions of the Electronic Signatures in Global and National Commerce Act, while ensuring that electronic delivery of specific notices remains unaffected. The act will apply to mortgage modifications made on or after its effective date, regardless of when the original mortgage or obligation was created. A severability clause is included to maintain the validity of the remaining provisions if any part of the act is found invalid.

Statutes affected:
Introduced (6376H.01): 443.920, 443.921, 443.922, 443.923, 443.924, 443.925
Perfected (6376H.01): 443.920, 443.921, 443.922, 443.923, 443.924, 443.925