Bill > HB4352

This bill enacts the Oklahoma Uniform Mortgage Modification Act, which provides a framework for how changes to mortgage agreements are handled. It defines key terms like "mortgage" (an agreement securing a debt with real property), "modification" (any change, amendment, or restatement), and "obligor" (the person who owes the debt or whose property secures it). The Act generally applies to mortgage modifications, with some exceptions for changes like releasing or adding property, changing obligors, or transferring the mortgage. Importantly, for specific types of modifications listed in the bill, such as extending the loan's maturity date, decreasing the interest rate, or adjusting how the interest rate is calculated (within certain limits), the mortgage will continue to secure the modified obligation, its priority will not be affected, and the modification will not be considered a novation (a complete replacement of the original agreement). The Act also clarifies its relationship with federal electronic signature laws and states that it applies to modifications made on or after its effective date, which is November 1, 2026.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=hb4352&Session=2600