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 that it applies to certain modifications made after the act's effective date. It clarifies that existing terms and conditions of a mortgage remain in effect even when specific terms are modified, ensuring that the priority of loans secured against the property is not altered. The bill also emphasizes the importance of promoting uniformity in the application of this act across different states.

Additionally, the bill modifies certain provisions of the Electronic Signatures in Global and National Commerce Act while maintaining specific exceptions. It provides a detailed list of mortgage modifications that are covered under the act, such as changes to interest rates, maturity dates, and payment schedules, while also outlining modifications that are not included. The act seeks to ensure that the legal framework governing mortgage modifications is clear and consistent, thereby facilitating smoother transactions and enhancing the protection of both lenders and borrowers.

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