The Oklahoma Uniform Mortgage Modification Act is a newly proposed legislation that aims to standardize the process of mortgage modifications in the state. It defines key terms such as "mortgage," "modification," 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 establishes that the mortgage continues to secure the obligation as modified. Additionally, it emphasizes the importance of uniformity in the application of the law across jurisdictions.

The act also addresses its relationship with the Electronic Signatures in Global and National Commerce Act, indicating that it modifies certain provisions of that federal law while maintaining others. It specifies that the act will apply to mortgage modifications made on or after its effective date of November 1, 2026, and includes a severability clause to ensure that if any provision is found invalid, the remaining provisions will still be enforceable. Overall, the legislation seeks to provide clarity and consistency in the mortgage modification process in Oklahoma.