SF0031

Implements the Uniform Mortgage Modification Act to establish rules governing mortgage modifications, mortgage priority, and applicability in Wyoming.

• Establishes definitions for terms used in the act, including 'electronic,' 'financial covenant,' 'modification,' 'mortgage,' 'mortgage modification,' 'obligation,' 'obligor,' 'recognized index,' 'record,' and 'sign.' (W.S. 34-30-102)
• Specifies that the act applies to mortgage modifications generally, except those involving release or addition of property, changes in obligors, or assignment or transfer of mortgages or obligations. (W.S. 34-30-103)
• Establishes that a modified mortgage continues to secure the modified obligation and retains its original priority regardless of whether the modification is recorded or whether it constitutes a novation. (W.S. 34-30-104(a))
• Specifies ten categories of mortgage modifications covered by the act: extension of maturity date, decrease in interest rate, change to recognized index, capitalization of unpaid obligations, forgiveness or reduction of principal or interest, modification of escrow or reserve requirements, modification of insurance requirements, modification of conditions to advance funds, modification of financial covenants, and modification of payment amount or schedule resulting from other covered modifications. (W.S. 34-30-104(b))
• Clarifies that the act does not affect laws governing required mortgage content, statutes of limitations, recording statutes, tax lien or governmental lien priority, statutes of frauds, uniform electronic transactions law, or future advance priority (except as specified). (W.S. 34-30-103(b))
• Provides that the act does not govern the effect of mortgage modifications not listed in section 34-30-104(b), and does not negate the validity or priority of such modifications. (W.S. 34-30-104(c), W.S. 34-30-105(b))
• Directs courts to apply and construe the act to promote uniformity of law among jurisdictions that enact it. (W.S. 34-30-105(a))
• Specifies that the act modifies and supersedes portions of the federal Electronic Signatures in Global and National Commerce Act, but does not authorize electronic delivery of certain notices.