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 "mortgage," "obligation," and "modification," 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 specifies that a mortgage modification will not affect the priority of the mortgage and retains its security over the obligation as modified.

Additionally, the bill emphasizes the importance of uniformity in application and construction across jurisdictions that adopt the act. It also clarifies that the act will modify certain aspects of the Electronic Signatures in Global and National Commerce Act while maintaining specific provisions of that act. The Uniform Mortgage Modification Act will take effect on July 1, 2026, and will apply to any mortgage modifications made on or after that date, regardless of when the original mortgage or obligation was created.