The proposed bill aims to establish the Uniform Mortgage Modification Act in West Virginia, introducing a new article to the state's code that outlines the framework for mortgage modifications. It includes definitions for key terms such as "mortgage," "modification," and "obligation," and specifies the applicability of the act to certain mortgage modifications while providing exceptions. The bill clarifies that existing terms and conditions of a mortgage remain in effect when specific terms are modified, ensuring that the priority of the mortgage as a lien against the property is not altered. Additionally, it encourages courts to promote uniformity in the application of this act across different states.

Furthermore, the bill modifies certain provisions of the Electronic Signatures in Global and National Commerce Act while maintaining specific exceptions. It establishes that the provisions of the act apply only to mortgage modifications made after its effective date, regardless of when the original mortgage or obligation was created. The intent of the bill is to facilitate mortgage modifications without compromising the security interests of lenders, thereby enhancing the overall efficiency of mortgage transactions 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