Finance Amendments

Added the Uniform Mortgage Modification Act to the bill, creating a new legal framework for modifying mortgage loans without prejudicing other lenders.

Introduced new definitions for mortgage-related terms such as 'modification,' 'obligor,' and 'recognized index' to standardize how loan changes are handled.

Established specific criteria for mortgage modifications that are considered safe, such as interest rate decreases or extensions of the loan term, protecting junior lien holders.

Created a 'safe harbor' provision stating that qualifying mortgage modifications do not alter the original loan's priority or require a new recording.

Added a transitional provision requiring that mortgage modifications made on or after May 7, 2025, must comply with the new act regardless of when the original loan was created.

Updated the list of affected Utah Code sections to include the new sections (70D-4-101 through 70D-4-601) related to the mortgage modifications.

Reorganized the document layout from a continuous text block into a properly formatted substitute bill with page breaks, section headers, and line numbers.

Added sponsor information and timestamp metadata that was present in the original but not formatted consistently.

Converted the highlighted provisions section from a continuous paragraph into a bulleted list format for better readability.

Added page markers (e.g., '-2-', '-3-') and timestamp information throughout the document.

Standardized section numbering and formatting for the enacted code sections.