WY SF0031

Creates W.S. 34-30-101 through 34-30-107, adopting the Uniform Mortgage Modification Act to establish clear rules for when mortgage modifications preserve the original mortgage's priority

Mortgage modifications that preserve priority include: extending maturity dates, decreasing interest rates, certain interest rate index changes, capitalizing unpaid interest, forgiving or reducing principal, and modifying escrow/insurance/financial covenant requirements

Modified mortgages retain their original priority without requiring the modification to be recorded, and modifications are not treated as novations (creating new obligations)

Excludes from coverage: releases or additions of property, changes to obligors, assignments/transfers of mortgages, and liens for condominium/HOA dues

Effective July 1, 2026, applying to modifications made on or after that date regardless of when the original mortgage was created