The proposed bill introduces the Uniform Mortgage Modification Act, establishing a new chapter in Title 61 RCW. It defines key terms related to mortgage modifications, including "modification," "mortgage," and "obligor," and outlines the scope of the chapter, which applies to 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 various types of modifications that are permissible under the act, 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 act modifies certain provisions of the Electronic Signatures in Global and National Commerce Act while maintaining specific exceptions. 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 part of the act is deemed invalid, the remainder will still be enforceable.