The proposed bill aims to establish the Uniform Mortgage Modification Act in West Virginia, introducing a new article that outlines the definitions, applicability, and effects of mortgage modifications. It defines key terms such as "mortgage," "modification," and "obligation," and specifies that the act applies to modifications made on or after its effective date. The bill clarifies that existing terms and conditions of a mortgage remain in effect even when certain specified terms are modified, ensuring that the priority of the mortgage as a lien against the property is not altered. Additionally, it requests courts to promote uniformity in the application of this act across different states.

Furthermore, the bill includes provisions that modify the Electronic Signatures in Global and National Commerce Act, while maintaining certain exceptions. It emphasizes that the act does not affect laws governing the required content of a mortgage, statutes of limitations, or the priority of tax liens. The bill is designed to facilitate mortgage modifications without compromising the rights of lenders, thereby providing a structured approach to managing mortgage agreements in West Virginia.

Statutes affected:
Introduced Version: 31-17B-1, 31-17B-2, 31-17B-3, 31-17B-4, 31-17B-5, 31-17B-6, 31-17B-7