The proposed bill, known as the Uniform Mortgage Modification Act, establishes a framework for mortgage modifications in Wyoming. It introduces new definitions related to mortgages, including terms such as "modification," "obligation," and "obligor," and outlines the scope of the act, which applies to various types of mortgage modifications while excluding certain modifications like releases or transfers of mortgages. The act ensures that modifications do not affect the priority of the mortgage and clarifies that the mortgage continues to secure the obligation as modified.

Additionally, the bill specifies that it will apply to mortgage modifications made on or after July 1, 2026, regardless of when the original mortgage or obligation was created. It also modifies the relationship with the Electronic Signatures in Global and National Commerce Act, ensuring that electronic signatures are recognized while maintaining certain limitations. The act aims to promote uniformity in the application of mortgage modification laws across jurisdictions that adopt it.