Uniform Mortgage Modification Act

Utah Code tit. 70D, ch. 70D-4

in effect

Utah Code § 70D-4-101 Definitions.

70D-4-101. Definitions. (1) "Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. (2) "Financial covenant" means an undertaking to demonstrate an obligor's creditworthiness or the adequacy of security provided by an obligor. (3) "Modification" includes change, amendment, revision, correction, addition, supplementation, elimination, waiver, and restatement. (4) (a) "Mortgage" means an agreement that creates a consensual interest in real property to secure payment or performance of an obligation regardless of how the agreement is denominated, including a mortgage, deed of trust, trust deed, security deed, indenture, or deed to secure debt, and regardless of whether the agreement also creates a security interest in personal property. (b) "Mortgage" does not include an agreement that creates a consensual interest to secure a liability owed by a unit owner to a condominium association, owners association, or cooperative housing association for association dues, fees, or assessments. (5) "Mortgage modification" means modification of: (a) a mortgage; (b) an agreement that creates an obligation, including a promissory note, loan agreement, or credit agreement; or (c) an agreement that creates other security or credit enhancement for an obligation, including an assignment of leases or rents or a guaranty. (6) "Obligation" means a debt or other duty or liability secured by a mortgage. (7) "Obligor" means a person that: (a) owes payment or performance of an obligation; (b) signs a mortgage; or (c) is otherwise accountable, or whose property serves as collateral, for payment or performance of an obligation. (8) "Person" means an individual, estate, business or nonprofit entity, government or governmental subdivision, agency, instrumentality, or other legal entity. (9) "Recognized index" means an index to which changes in the interest rate may be linked that is readily available to, and verifiable by, the obligor and is beyond the control of the person to whom the obligation is owed. (10) "Record" means information: (a) inscribed on a tangible medium; or (b) stored in an electronic or other medium and retrievable in perceivable form. (11) "Sign" means, with present intent to authenticate or adopt a record: (a) to execute or adopt a tangible symbol; or (b) to attach to or logically associate with the record an electronic symbol, sound, or process. Enacted by Chapter 482, 2025 General Session

Utah Code § 70D-4-201 Scope.

70D-4-201. Scope. (1) Except as provided in Subsection (3), this chapter applies to a mortgage modification. (2) This chapter does not affect the following law of this state: (a) law governing the required content of a mortgage; (b) a statute of limitations or other law governing the expiration or termination of a right to enforce an obligation or a mortgage; (c) a recording statute; (d) a statute governing the priority of a tax lien or other governmental lien; (e) a statute of frauds; or (f) except as provided in Subsection 70D-4-301(2)(h), law governing the priority of a future advance. (3) This chapter does not apply to: (a) a release of, or addition to, property encumbered by a mortgage; (b) a release of, addition of, or other change in an obligor; or (c) an assignment or other transfer of a mortgage or an obligation. Enacted by Chapter 482, 2025 General Session

Utah Code § 70D-4-301 Effect of mortgage modification.

70D-4-301. Effect of mortgage modification. (1) For a mortgage modification described in Subsection (2): (a) the mortgage continues to secure the obligation as modified; (b) the priority of the mortgage is not affected by the modification; (c) the mortgage retains the mortgage's priority regardless of whether a record of the mortgage modification is recorded; and (d) the modification is not a novation. (2) Subsection (1) applies to one or more of the following: (a) an extension of the maturity date of an obligation; (b) a decrease in the interest rate of an obligation; (c) if there is any change as specified in Subsection (2)(c)(i) through (iv) that does not result in an increase in the interest rate as calculated on the date the modification becomes effective: (i) a change to a different recognized index if the previous index is no longer available; (ii) a change in the differential between the index and the interest rate; (iii) a change from a floating or adjustable rate to a fixed rate; and (iv) a change from a fixed rate to a floating or adjustable rate based on a recognized index; (d) a capitalization of unpaid interest or other unpaid obligation; (e) a forgiveness, forbearance, or other reduction of principal, accrued interest, or other monetary obligation; (f) a modification of a requirement for maintaining an escrow or reserve account for payment of an obligation, including taxes, insurance premiums, or another obligation; (g) a modification of a requirement for acquiring or maintaining insurance; (h) a modification of an existing condition to advance funds; (i) a modification of a financial covenant; and (j) a modification of the payment amount or schedule resulting from another modification described in this Subsection (2). (3) The effect of a mortgage modification not described in Subsection (2) is governed by other law. Enacted by Chapter 482, 2025 General Session

Utah Code § 70D-4-401 Uniformity of application and construction.

70D-4-401. Uniformity of application and construction. In applying and construing this uniform act, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it. Enacted by Chapter 482, 2025 General Session

Utah Code § 70D-4-501 Relation to Electronic Signatures in Global and National Commerce Act.

70D-4-501. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede 15 U.S.C. Sec. 7001(c), or authorize electronic delivery of any of the notices described in 15 U.S.C. Sec. 7003(b). Enacted by Chapter 482, 2025 General Session

Utah Code § 70D-4-601 Transitional Provision.

70D-4-601. Transitional Provision. This chapter applies to a mortgage modification made on or after May 7, 2025, regardless of when the mortgage or the obligation was created. Enacted by Chapter 482, 2025 General Session

Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title70D/Chapter4/70D-4.html?v=C70D-4_2025050720250507Fetched: 10/26/2026