Committee hears staff, sponsor say bill clarifies mortgage‑modification priority
Committee staff and sponsor told the Consumer Protection and Business Committee that SB 5,831 would adopt the Uniform Mortgage Modification Act to clarify how many mortgage modifications affect security and priority, creating safe harbors so certain modifications do not change a mortgage’s priority.
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Committee staff and the prime sponsor summarized Senate Bill 5,831 on Feb. 18, saying the bill would adopt the Uniform Mortgage Modification Act to reduce uncertainty about how mortgage modifications affect a loan’s security and priority.
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