The proposed bill introduces the Uniform Mortgage Modification Act, establishing a new chapter in Title 61 of the Revised Code of Washington (RCW). It defines key terms related to mortgage modifications, including "modification," "mortgage," and "obligation," and outlines the scope of the chapter, which applies to various types of mortgage modifications while excluding certain modifications such as releases or transfers of mortgages. The bill specifies that mortgage modifications will not affect the priority of the mortgage and details the effects of specific modifications, such as changes to interest rates, maturity dates, and payment schedules.

Additionally, the bill emphasizes the importance of uniformity in application and construction across jurisdictions that adopt it. It clarifies that the chapter modifies certain aspects of the Electronic Signatures in Global and National Commerce Act but does not alter specific provisions related to electronic delivery of notices. The act will apply to mortgage modifications made after its effective date, regardless of when the original mortgage or obligation was created, and includes a severability clause to ensure that if any provision is found invalid, the remainder of the act remains intact.