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Mortgage Modification Bill Advances in Jt. Corporations Committee

Posted by on August 21, 2025

On August 14, 2025, the Wyoming Joint Corporations, Elections & Political Subdivisions Interim Committee advanced a draft bill, the Uniform Mortgage Modification Act (draft bill 26LSO-0150). The bill, with an amendment, will be considered again at the committee’s November 3-4 meeting.

  • The committee reviewed the draft legislation aimed at establishing a standardized framework for mortgage modifications in Wyoming.
  • The bill defines “mortgage,” “modification,” “obligation,” and “recognized index,” ensuring clarity and consistency in application.
  • It was emphasized that modifying a mortgage would not affect its priority, preserving the original lien position even after changes to terms.
  • The act excludes certain types of modifications, such as releases of property or changes in obligors, to maintain focus on core mortgage adjustments.
  • The committee also discussed how the act would interact with existing federal laws, including the Electronic Signatures in Global and National Commerce Act.
  • The bill would take effect on July 1, 2026, (if advanced and passed during the 2026 session) and will apply to any mortgage modifications made on or after that date, regardless of when the original mortgage was created.

Scott Meier, representing the Commercial Financial Disclosures group, proposed an amendment to amend Wyo. Stat. § 34-30-104(c) to include the following language: “This act is not to be construed so as to negate the validity or priority of a mortgage modification not described in subsection (b).” The amendment will be incorporated into the next bill draft.

 

Posted in Advocacy on the Move, Wyoming Advocacy.

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