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 act defines key terms related to mortgage modifications, outlines its applicability to certain modifications while providing exceptions, and ensures that existing terms and conditions of a mortgage remain effective even when specific terms are modified. The bill emphasizes that modifications will not affect the priority of the mortgage against the property and encourages courts to promote uniformity in the application of this act across different states.

Additionally, the bill clarifies that it modifies certain provisions of the Electronic Signatures in Global and National Commerce Act while maintaining specific exceptions. It specifies that the provisions of this act will only apply to mortgage modifications made after its effective date, regardless of when the original mortgage or obligation was created. Overall, the bill seeks to facilitate mortgage modifications while protecting the rights of 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