Bill > SB834

This bill establishes the Uniform Mortgage Modification Act, which provides a comprehensive framework for modifying mortgages and related financial obligations. The act defines key terms such as "mortgage", "modification", and "obligor", and outlines specific types of mortgage modifications that can be made without affecting the mortgage's original priority or requiring the modification to be recorded in public land records. These modifications include extending the maturity date, decreasing interest rates, changing interest rate indices, capitalizing unpaid interest, forgiving or reducing principal, modifying escrow or insurance requirements, and adjusting financial covenants. The act applies to mortgage modifications made on or after its effective date, regardless of when the original mortgage was created, and it modifies certain provisions of the Electronic Signatures in Global and National Commerce Act. The legislation aims to provide clarity and flexibility for lenders and borrowers in restructuring mortgage obligations while preserving the original mortgage's fundamental legal characteristics and protections.

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https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=416