The proposed bill aims to establish the Uniform Mortgage Modification Act in West Virginia by adding a new article to the state's code. This article includes definitions of key terms related to mortgage modifications, outlines the scope of the act, and specifies the applicability of the law to certain mortgage modifications while providing exceptions. Notably, the act ensures that existing terms and conditions of a mortgage remain in effect when specific terms are modified, without altering the priority of the loans secured against the property. Additionally, the bill encourages courts to promote uniformity in the application and interpretation of the act across different states.

The bill also clarifies that it modifies certain provisions of the Electronic Signatures in Global and National Commerce Act while maintaining specific exceptions. It emphasizes that the provisions of the act will apply only to mortgage modifications made after its effective date, regardless of when the original mortgage or obligation was created. Overall, the Uniform Mortgage Modification Act seeks to streamline the process of mortgage modifications while ensuring legal consistency and clarity for all parties involved.

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
Committee Substitute: 31-17B-1, 31-17B-2, 31-17B-3, 31-17B-4, 31-17B-5, 31-17B-6, 31-17B-7
Engrossed Committee Substitute: 31-17B-1, 31-17B-2, 31-17B-3, 31-17B-4, 31-17B-5, 31-17B-6, 31-17B-7