Comparing SF 31 → HB 1089 — Uniform Mortgage Modification Act

Struck = only in SF 31 · added = only in HB 1089.

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ORIGINAL SENATE FILE NO.
NOTE:
SF0031 ENROLLED ACT NO.
This bill has been prepared for the signatures of the appropriate legislative officers and the Governor.
3, SENATE SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING BUDGET SESSION AN ACT relating to mortgages;
To determine whether the Governor has signed the bill or taken other action on it, please consult the legislative status sheet, the legislative history, or the Session Laws.
implementing the Uniform Mortgage Modification Act;
HOUSE BILL 26-1089 BY REPRESENTATIVE(S) Espenoza, Bacon, Carter, Duran;
specifying the priority of mortgages;
also SENATOR(S) Snyder, Carson, Exum, Jodeh, Wallace, Weissman, Coleman.
specifying applicability;
C ONCERNINGMORTGAGEMODIFICATIONS ,AND ,INCONNECTIONTHEREWITH , ENACTING THE "U NIFORM M ORTGAGE M ODIFICATIONA CT".
and providing for an effective date.
Be it enacted by the General Assembly of the State of Colorado:
Be It Enacted by the Legislature of the State of Wyoming:
SECTION1.
Section 1.
InColoradoRevisedStatutes,addarticle40.5totitle as follows:
W.S.
ARTICLE 40.5 Uniform Mortgage Modification Act 38-40.5-101.
34-30-101 through 34-30-107 are created to read:
CHAPTER 30 UNIFORM MORTGAGE MODIFICATION ACT 34-30-101.
This act may be cited as the Uniform Mortgage Modification Act.
T HIS ARTICLE40.5 MAY BE CITED AS THE "U NIFORM M ORTGAGE M ODIFICATION ACT ".
34-30-102.
38-40.5-102.
(a) As used in this act:
________ Capital letters or bold & italic numbers indicate new material added to existing law;
(i) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic or similar capabilities;
dashes through words or numbers indicate deletions from existing law and such material is not part of the act.
(ii) "Financial covenant" means an undertaking to demonstrate an obligor's creditworthiness or the adequacy of security provided by an obligor;
IN THIS ARTICLE40.5:
(iii) "Modification" includes a change, amendment, revision, correction, addition, supplementation, elimination, waiver or restatement;
(1) "E LECTRONIC " MEANS RELATING TO TECHNOLOGY HAVING ELECTRICAL DIGITAL,MAGNETIC ,WIRELESS ,OPTICAL,ELECTROMAGNETIC , OR SIMILAR CAPABILITIE.
(iv) "Mortgage":
(2) "FINANCIAL COVENANT " MEANS AN UNDERTAKING TO DEMONSTRATE AN OBLIGOR 'S CREDITWORTHINESS OR THE ADEQUACY OF SECURITY PROVIDED BY AN OBLIGOR .
ORIGINAL SENATE FILE NO.
(3) "M ODIFICATION" INCLUDES CHANGE ,AMENDMENT , REVISION, CORRECTION ,ADDITION ,SUPPLEMENTATION , ELIMINATION,WAIVER ,AND RESTATEMENT .
SF0031 ENROLLED ACT NO.
(4) "M ORTGAGE ":
3, SENATE SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING BUDGET SESSION (A) Means an agreement that creates a consensual interest in real property to secure payment or performance of an obligation, regardless of:
(A) M EANSANAGREEMENTTHATCREATESACONSENSUALINTEREST IN REAL PROPERTY TO SECURE PAYMENT OR PERFORMANCE OF AN OBLIGATION ,REGARDLESS OF:
(I) How the agreement is denominated, including a mortgage, deed of trust, trust deed, security deed, indenture or deed to secure debt;
(i) H OW THE AGREEMENT IS DENOMINATED , INCLUDING A MORTGAGE ,DEEDOFTRUST TRUSTDEED ,SECURITYDEED ,INDENTURE AND DEED TO SECURE DEBT ;AND (ii) HETHERTHEAGREEMENTALSOCREATESASECURITYINTEREST IN PERSONAL PROPERTY ;AND (B) DOES NOT INCLUDE AN AGREEMENT THAT CREATES A CONSENSUALINTEREST TO SECURE A LIABILITY OWED BY A UNIT OWNER TO A CONDOMINIUM ASSOCIATION ,OWNERS 'ASSOCIATION ,OR COOPERATIVE HOUSING ASSOCIATION FOR ASSOCIATION DUES ,FEES,OR ASSESSMENTS .
and (II) Whether the agreement also creates a security interest in personal property.
(5) "M ORTGAGE MODIFICATION "MEANS MODIFICATION OF :
(B) Does not include an agreement that creates a consensual interest to secure liability owned by a unit owner to a condominium association, owners' association or cooperative housing association for association dues, fees or assessments.
(A) A MORTGAGE ;
(v) "Mortgage modification" means modification of:
(B) A N AGREEMENT THAT CREATES AN OBLIGATION ,INCLUDING A PROMISSORY NOTE ,LOAN AGREEMENT ,OR CREDIT AGREEMENT ;OR (C) A N AGREEMENT THAT CREATES OTHER SECURITY OR CREDIT PAGE 2-HOUSE BILL 26-1089 ENHANCEMENTFORANOBLIGATION ,INCLUDINGANASSIGNMENTOFLEASES OR RENTS OR A GUARANTY .
(A) A mortgage;
(6) "O BLIGATION " MEANS A DEBT ,DUTY , OR OTHER LIABILITY SECURED BY A MORTGAGE .
(B) An agreement that creates an obligation, including a promissory note, loan agreement or credit agreement;
(7) "OBLIGOR "MEANS A PERSON THAT :
or (C) An agreement that creates other security or credit enhancement for an obligation, including an assignment of leases or rents or a guaranty.
(A) O WES PAYMENT OR PERFORMANCE OF AN OBLIGATION ;
(vi) "Obligation" means a debt, duty or other liability, secured by a mortgage;
(B) SIGNS A MORTGAGE ;OR (C) IS OTHERWISE ACCOUNTABLE ,OR WHOSE PROPERTY SERVES AS COLLATERAL ,FOR PAYMENT OR PERFORMANCE OF AN OBLIGATION .
(vii) "Obligor" means a person that:
(8) "P ERSON" MEANS AN INDIVIDUAL , ESTATE ,BUSINESS OR NONPROFIT ENTITY , GOVERNMENT OR GOVERNMENTAL SUBDIVISION , AGENCY ,OR INSTRUMENTALITY OR OTHER LEGAL ENTITY .
ORIGINAL SENATE FILE NO.
(9) "RECOGNIZED INDEX " MEANS AN INDEX TO WHICH CHANGES IN THE INTEREST RATE MAY BE LINKED THAT IS:
SF0031 ENROLLED ACT NO.
(A) READILYAVAILABLETO ANDVERIFIABLEBY ,THEOBLIGOR ;AND (B) BEYOND THE CONTROL OF THE PERSON TO WHOM THE OBLIGATION IS OWED .
3, SENATE SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING BUDGET SESSION (A) Owes payment or performance of an obligation;
(10) "RECORD ",USED AS A NOUN ,MEANS INFORMATION :
(B) Signs a mortgage;
(A) INSCRIBED ON A TANGIBLE MEDIUM ;OR (B) STOREDINANELECTRONICOROTHERMEDIUMANDRETRIEVABLE IN PERCEIVABLE FORM .
or (C) Is otherwise accountable, or whose property serves as collateral, for payment or performance of an obligation.
(11) "SIGN "MEANS ,WITH PRESENT INTENT TO AUTHENTICATE OR ADOPT A RECORD :
(viii) "Recognized index" means an index to which changes in the interest rate may be linked that is:
(A) E XECUTE OR ADOPT A TANGIBLE SYMBOL ;OR (B) A TTACH TO OR LOGICALLY ASSOCIATE WITH THE RECORD AN PAGE 3-HOUSE BILL 26-1089 ELECTRONIC SYMBOL ,SOUND ,OR PROCESS .
(A) Readily available to, and verifiable by, the obligor;
38-40.5-103.
and (B) Beyond the control of the person to whom the obligation is owed.
(ix) "Record", used as a noun, means information:
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(A) Inscribed on a tangible medium;
or (B) Stored in an electronic or other medium and retrievable in perceivable form.
(x) "Sign" means, with present intent to authenticate or adopt a record:
(A) Execute or adopt a tangible symbol;
or (B) Attach to or logically associate with the record an electronic symbol, sound or process.
ORIGINAL SENATE FILE NO.
SF0031 ENROLLED ACT NO.
3, SENATE SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING BUDGET SESSION (xi) "This act" means W.S.
34-30-101 through 34-30-107.
34-30-103.
(a) Except as provided in subsection (c) of this section, this act applies to a mortgage modification.
(a) EXCEPT AS PROVIDED IN SUBSECTION (c)OF THIS SECTION,THIS ARTICLE 40.5APPLIES TO A MORTGAGE MODIFICATION .
(b) This act does not affect:
(b) THIS ARTICLE 40.5DOES NOT AFFECT :
(i) Law governing the required content of a mortgage;
(1) LAW GOVERNING THE REQUIRED CONTENT OF A MORTGAGE ;
(ii) A statute of limitations or other law governing the expiration or termination of a right to enforce an obligation or a mortgage;
(2) A STATUTE OF LIMITATIONS OR OTHER LAW ,INCLUDING PART 2 OF ARTICLE 39 OF THIS TITLE 38, GOVERNING THE EXPIRATION OR TERMINATION OF A RIGHT TO ENFORCE AN OBLIGATION OR A MORTGAGE ;
(iii) A recording statute;
(3) A RECORDING STATUTE ;
(iv) A statute governing the priority of a tax lien or other governmental lien;
(4) A STATUTE GOVERNING THE PRIORITY OF A TAX LIEN OR OTHER GOVERNMENTAL LIEN ;
(v) A statute of frauds or the Uniform Electronic Transactions Act;
(5) A STATUTE OF FRAUDS OR ARTICLE 71 OF TITLE24;OR (6) E XCEPT AS PROVIDED IN SECTION 38-40.5-104 (b)(8),LAW GOVERNING THE PRIORITY OF A FUTURE ADVANCE .
(vi) Except as provided in W.S.
(c) THIS ARTICLE 40.5DOES NOT APPLY TO ANY OF THE FOLLOWING MODIFICATIONS :
34-30-104(b)(viii), law governing the priority of a future advance.
(1) A RELEASE OF ,OR ADDITION TO ,PROPERTY ENCUMBERED BY A MORTGAGE ;
(c) This act does not apply to any of the following modifications:
(2) A RELEASE OF,ADDITIONOF ,OR OTHER CHANGE IN AN OBLIGOR ;
(i) A release of, or addition to, property encumbered by a mortgage;
OR (3) A N ASSIGNMENT OR OTHER TRANSFER OF A MORTGAGE OR AN OBLIGATION .
ORIGINAL SENATE FILE NO.
38-40.5-104.
SF0031 ENROLLED ACT NO.
Effect of Mortgage Modification.
3, SENATE SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING BUDGET SESSION (ii) A release of, addition of, or other change in an obligor;
(a) FOR A MORTGAGE MODIFICATION DESCRIBED IN SUBSECTION (b) PAGE 4-HOUSE BILL 26-1089 OF THIS SECTION:
or (iii) An assignment or other transfer of a mortgage or an obligation.
(1) T HE MORTGAGE CONTINUES TO SECURE THE OBLIGATION AS MODIFIED ;
34-30-104.
(2) T HE PRIORITY OF THE MORTGAGE IS NOT AFFECTED BY THE MODIFICATION ;
Effect of mortgage modification.
(3) THEMORTGAGERETAINSITSPRIORITYREGARDLESSOFWHETHER ARECORDOFTHEMORTGAGEMODIFICATIONISRECORDEDINTHEOFFICEOF THE COUNTY CLERK AND RECORDER IN THE COUNTY WHERE THE PROPERTY IS LOCATED;AND (4) THE MODIFICATION IS NOT A NOVATION .
(a) For a mortgage modification described in subsection (b) of this section:
(b) SUBSECTION (a)OF THIS SECTION APPLIES TO ONE OR MORE OF THE FOLLOWING MORTGAGE MODIFICATIONS :
(i) The mortgage continues to secure the obligation as modified;
(1) AN EXTENSION OF THE MATURITY DATE OF AN OBLIGATION ;
(ii) The priority of the mortgage is not affected by the modification;
(2) A DECREASE IN THE INTEREST RATE OF AN OBLIGATION;
(iii) The mortgage retains its priority regardless of whether a record of the mortgage modification is recorded;
(3) IF THE CHANGE DOES NOT RESULT IN AN INCREASE IN THE INTEREST RATE OF AN OBLIGATION AS CALCULATED ON THE DATE THE MODIFICATION BECOMES EFFECTIVE :
and (iv) The modification is not a novation.
(A) A CHANGETOADIFFERENTINDEXTHAT ISARECOGNIZEDINDEX IF THE PREVIOUS INDEX TO WHICH CHANGES IN THE INTEREST RATE WERE LINKED IS NO LONGER AVAILABLE ;
(b) Subsection (a) of this section applies to one (1) or more of the following mortgage modifications:
(B) A CHANGE IN THE DIFFERENTIAL BETWEEN THE INDEX AND THE INTEREST RATE;
(i) An extension of the maturity date of an obligation;
(C) A CHANGE FROM A FLOATING OR ADJUSTABLE RATE TO A FIXED RATE ;OR (D) A CHANGE FROM A FIXED RATE TO A FLOATING OR ADJUSTABLE RATE BASED ON A RECOGNIZED INDEX ;
(ii) A decrease in the interest rate of an obligation;
(4) A CAPITALIZATION OF UNPAID INTEREST OR OTHER UNPAID PAGE 5-HOUSE BILL 26-1089 MONETARY OBLIGATION ;
(iii) If the modification does not result in an increase in the interest rate of an obligation as calculated on the date the modification becomes effective:
(5) A FORGIVENESS , FORBEARANCE , OR OTHER REDUCTION OF PRINCIPAL,ACCRUED INTEREST ,OR OTHER MONETARY OBLIGATION ;
ORIGINAL SENATE FILE NO.
(6) A MODIFICATION OF A REQUIREMENT FOR MAINTAINING AN ESCROW OR RESERVE ACCOUNT FOR PAYMENT OF AN OBLIGATION , INCLUDING TAXES AND INSURANCE PREMIUMS ;
SF0031 ENROLLED ACT NO.
(7) A MODIFICATION OF A REQUIREMENT FOR ACQUIRING OR MAINTAINING INSURANCE ;
3, SENATE SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING BUDGET SESSION (A) A change to a different index that is a recognized index if the previous index to which changes in the interest rate were linked is no longer available;
(8) A MODIFICATION OF AN EXISTING CONDITION TO ADVANCE FUNDS ;
(B) A change in the differential between the index and the interest rate;
(9) A MODIFICATION OF A FINANCIAL COVENANT;AND (10) A MODIFICATION OF THE PAYMENT AMOUNT OR SCHEDULE RESULTING FROM ANOTHER MODIFICATION DESCRIBED IN THIS SUBSECTION (b).
(C) A change from a floating or adjustable rate to a fixed rate;
(c) THE EFFECT OF A MORTGAGE MODIFICATION NOT DESCRIBED IN SUBSECTION (b)OF THIS SECTION IS GOVERNED BY OTHER LAW.
or (D) A change from a fixed rate to a floating or adjustable rate based on a recognized index.
38-40.5-105.
(iv) A capitalization of unpaid interest or other unpaid monetary obligation;
Uniformity of Application and Construction.
(v) A forgiveness, forbearance or other reduction of principal, accrued interest or other monetary obligation;
IN APPLYING AND CONSTRUING THIS UNIFORM ACT ,A COURT SHALL CONSIDER THE PROMOTION OF UNIFORMITY OF THE LAW AMONG JURISDICTIONS THAT ENACT IT 38-40.5-106.
(vi) A modification of a requirement for maintaining an escrow or reserve account for payment of an obligation, including taxes and insurance premiums;
Relation to Electronic Signatures in Global and National Commerce Act.
(vii) A modification of a requirement for acquiring or maintaining insurance;
THIS ACT MODIFIES , LIMITS,OR SUPERSEDES THE E LECTRONIC SIGNATURES IN G LOBAL AND N ATIONAL COMMERCE ACT, 15 U.S.CSEC .
(viii) A modification of an existing condition to advance funds;
ETSEQ.,ASAMENDED ,BUTDOESNOTMODIFY ,LIMITORSUPERSEDE 15 U.S.C.SEC.7001 (c),ORAUTHORIZE ELECTRONICDELIVERY OFANYOFTHE NOTICES DESCRIBED IN15 U.S.C.SEC.
(ix) A modification of a financial covenant;
7003 (b).
and ORIGINAL SENATE FILE NO.
38-40.5-107.
SF0031 ENROLLED ACT NO.
Transitional Provision.
3, SENATE SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING BUDGET SESSION (x) A modification of the payment amount or schedule resulting from another modification described in this section.
PAGE 6-HOUSE BILL 26-1089 THISARTICLE 40.5APPLIESTOAMORTGAGEMODIFICATIONMADEON OR AFTER THE EFFECTIVE DATE OF THIS ACT REGARDLESS OF WHEN THE MORTGAGE OR THE OBLIGATION WAS CREATED .
(c) The effect of a mortgage modification not described in subsection (b) of this section is not governed by this act.
SECTION 2.
This act shall not be construed to negate the validity or priority of a mortgage modification not described in subsection (b) of this section.
Act subject to petition - effective date.
34-30-105.
This act takes effect at 12:01 a.m.
Uniformity of application;
on the day following the expiration of the ninety-day period after final adjournment of the general assembly(August 12, 2026, if adjournment sine die is on May 13, 2026);
construction.
except that, if a referendumpetitionisfiledpursuanttosection1(3)ofarticleVofthestate constitution against this act or an item, section, or part of this act within such period, then the act, item, section, or part will not take effect unless PAGE 7-HOUSE BILL 26-1089 approvedbythepeopleatthegeneralelectiontobeheldinNovember2026 and, in such case, will take effect on the date of the official declaration of the vote thereon by the governor.
(a) In applying and construing this uniform act, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it.
____________________________ ____________________________ Julie McCluskie James Rashad Coleman, Sr.
(b) This act shall not be construed to negate the validity or priority of a mortgage modification not described in W.S.
SPEAKER OF THE HOUSE PRESIDENT OF OF REPRESENTATIVES THE SENATE ____________________________ ____________________________ Vanessa Reilly Esther van Mourik CHIEF CLERK OF THE HOUSE SECRETARY OF OF REPRESENTATIVES THE SENATE APPROVED________________________________________ (Date and Time) _________________________________________ Jared S.
34-30-104(b).
Polis GOVERNOR OF THE STATE OF COLORADO PAGE 8-HOUSE BILL 26-1089
34-30-106.
Relation to electronic signatures in global and national commerce act.
This act modifies, limits or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C.
§ et seq., as amended, but does not modify, limit or supersede 15 U.S.C.
§ 7001(c), or authorize electronic delivery of any of the notices described in 15 U.S.C.
§ 7003(b).
34-30-107.
Applicability.
This act applies to a mortgage modification made on or after July 1, 2026 regardless of when the mortgage or obligation was created.
ORIGINAL SENATE FILE NO.
SF0031 ENROLLED ACT NO.
3, SENATE SIXTY-EIGHTH LEGISLATURE OF THE STATE OF WYOMING BUDGET SESSION Section 2.
This act is effective July 1, 2026.
(END) Speaker of the House President of the Senate Governor TIME APPROVED:
_________ DATE APPROVED:
_________ I hereby certify that this act originated in the Senate.
Chief Clerk 8