SF0031

Official summary

Bill Summary - 26LSO-0150 Bill No.: SF0031 Effective: 7/1/2026 LSO No.: 26LSO-0150 Enrolled Act No.: SEA No. 0003 Chapter No.: 6 Prime Sponsor: Joint Corporations, Elections & Political Subdivisions Interim Committee Catch Title: Uniform mortgage modification act. Has Report: No Subject: Uniform mortgage modification act. Summary/Major Elements: This bill adopts the Uniform Mortgage Modification Act, establishing a framework for modifying mortgages and related obligations. The bill defines key terms such as "mortgage," "modification" and "obligation" and specifies the types of mortgage modifications covered by the act, including changes to interest rates, payment schedules and financial covenants. The bill ensures that a mortgage retains its priority and continues to secure the obligation after a mortgage modification, without requiring re-recording. The act excludes certain modifications, such as property releases or transfers of mortgages, from the scope of the act. The bill applies the act to mortgage modifications made on or after July 1, 2026. The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.