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House committee advances Uniform Mortgage Modification Act to clarify lien priority in loan changes
Summary
The House Business, Labor and Commerce Committee gave HB 440 a favorable recommendation after sponsors and the Uniform Law Commission described the bill's safe-harbor changes intended to reduce legal uncertainty and the need for attorney opinion letters when lenders modify mortgages.
The Utah House Business, Labor and Commerce Standing Committee voted unanimously to give a favorable recommendation to HB 440, the Uniform Mortgage Modification Act, after sponsors and outside counsel described the bill as a way to reduce legal uncertainty when lenders and borrowers agree to mortgage modifications.
Representative Zach Tesher, sponsor of HB 440, told the committee that the Uniform Law Commission convened a multi-year, bipartisan drafting process to address varying state treatments of mortgage modifications. "These bills have been very well scrutinized, and HB 440 is no different," Tesher said.
The bill, drafted from the Uniform Law Commission model, lists specific "safe-harbor"…
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