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 certain modifications made to existing mortgage agreements without affecting the priority of the mortgage lien against the property. The bill also emphasizes the importance of uniformity in the application of this act across different jurisdictions and clarifies that it modifies certain provisions of the Electronic Signatures in Global and National Commerce Act while maintaining specific exceptions.

Additionally, the bill stipulates that existing terms and conditions of a mortgage will remain in effect even when certain specified terms are modified. It provides a list of modifications that can be made, such as changes to interest rates, maturity dates, and payment schedules, while ensuring that these changes do not alter the mortgage's priority. The act will only apply to modifications made after its effective date, regardless of when the original mortgage or obligation was created. This legislation is designed to facilitate mortgage modifications and enhance the clarity and efficiency of the mortgage process 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