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Committee advances Uniform Mortgage Modification Act (SB 5831) with due-pass recommendation
Summary
The Consumer Protection and Business Committee reported Senate Bill 5,831 out of committee with a due-pass recommendation after members said the uniform mortgage-modification safe-harbors would protect both borrowers and lien priorities. Staff described 'safe harbors' for specified modification types and the committee recorded 14 ayes and one excused.
The Consumer Protection and Business Committee on Feb. 25 reported Senate Bill 5,831, which would enact the Uniform Mortgage Modification Act, out of committee with a due-pass recommendation.
Staff told members the bill creates statutory 'safe harbors' for specified mortgage modifications — for example, limited extensions of maturity or…
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