Modifies provisions relating to mortgage modifications

Plain English Breakdown

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Official Summary Text

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Perfected

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SS/SB 834 - This act creates new provisions relating to mortgage modifications.

MISSOURI RESIDENTIAL SALE LEASEBACK PROTECTION ACT
(Section 442.920)
The act creates the "Missouri Residential Sale Leaseback Protection" act, which regulates sale leasebacks. A sale leaseback is defined as a transaction or series of transactions in which a seller sells residential real estate that is or was the seller's residence to another party and, as a condition of the sale, or as part of the same or a related transaction, enters into a lease or rental agreement to remain in or re-occupy the property.

In any sale leaseback transaction, a buyer is required to provide the seller with certain disclosures, described in detail in the act, alerting the seller of the nature of the transaction and advising them of certain actions they may wish to take. The disclosure must be provided to the seller not more than 10 days and not less than 3 business days before the execution of any sale leaseback agreement, and the disclosure shall be signed by both the seller and the buyer concurrently with the execution of the sale leaseback agreement.

Violation of this act is subject to a fine of up to $10,000 per violation. The Attorney General is permitted to enforce this act by bringing a cause of action seeking injunctive relief, civil penalties, and restitution. A seller is also permitted to bring a civil action if harmed by a violation of this act. A seller may recover actual damages, statutory damages up to $10,000, attorneys' fees and costs, and any equitable or injunctive relief.

This act may not be waived or modified by agreement of any party.

These provisions are identical to provisions in the perfected SS/SB 973 (2026) and substantially similar to SB 1684 (2026).

UNIFORM MORTGAGE MODIFICATION ACT
(Sections 443.920 to 443.925)
The act creates the Uniform Mortgage Modification Act, establishing new procedures with respect to modifications of mortgages.

The act provides that, for any mortgage modification, as that term is defined in the act, all of the following apply:
• The mortgage continues to secure the obligation as modified;
• The priority of the mortgage is not affected by the modification;
• The mortgage retains its priority regardless of whether a record of the mortgage modification is recorded in the public land records; and
• The modification is not considered a novation.

This act supercedes the federal Electronic Signatures in Global and National Commerce Act, as permitted by that Act, except as otherwise provided in this act.

This provision contains various exceptions.
SCOTT SVAGERA

Senate Substitute

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SS/SB 834 - This act creates the Uniform Mortgage Modification Act, establishing new procedures with respect to modifications of mortgages.

The act provides that, for any mortgage modification, as that term is defined in the act, all of the following apply:
• The mortgage continues to secure the obligation as modified;
• The priority of the mortgage is not affected by the modification;
• The mortgage retains its priority regardless of whether a record of the mortgage modification is recorded in the public land records; and
• The modification is not considered a novation.

This act supercedes the federal Electronic Signatures in Global and National Commerce Act, as permitted by that Act, except as otherwise provided in this act.

This act contains various exceptions.
SCOTT SVAGERA

Introduced

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SB 834 - This act creates the Uniform Mortgage Modification Act, establishing new procedures with respect to modifications of mortgages.

The act provides that, for any mortgage modification, as that term is defined in the act, all of the following apply:
• The mortgage continues to secure the obligation as modified;
• The priority of the mortgage is not affected by the modification;
• The mortgage retains its priority regardless of whether a record of the mortgage modification is recorded in the public land records; and
• The modification is not considered a novation.

This act supercedes the federal Electronic Signatures in Global and National Commerce Act, as permitted by that Act, except as otherwise provided in this act.

This act contains various exceptions.
SCOTT SVAGERA