The proposed bill establishes the Uniform Mortgage Modification Act in Wyoming, creating a framework for the modification of mortgages. It introduces definitions for key terms such as "modification," "obligation," and "obligor," and outlines the scope of the act, which applies to mortgage modifications while excluding certain modifications like property releases or changes in obligors. The act ensures that modifications do not affect the priority of the mortgage and specifies that the mortgage continues to secure the obligation as modified.

Additionally, the bill emphasizes the importance of uniformity in application and construction across jurisdictions that adopt the act. It modifies the Electronic Signatures in Global and National Commerce Act, while maintaining certain provisions intact. The act will apply to mortgage modifications made on or after July 1, 2026, regardless of when the original mortgage or obligation was created, and it is set to take effect on the same date.