S.B. No. 1568
AN ACT
relating to the persons authorized or appointed to exercise the
power of sale under the terms of a contract lien on real property.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Sections 51.0001(7) and (8), Property Code, are
amended to read as follows:
(7) "Substitute trustee" means an individual,
corporation, organization, government or governmental subdivision
or agency, business trust, estate, trust, partnership,
association, or other legal entity [a person] appointed by the
current mortgagee or mortgage servicer under the terms of the
security instrument to exercise the power of sale.
(8) "Trustee" means an individual, corporation,
organization, government or governmental subdivision or agency,
business trust, estate, trust, partnership, association, or other
legal entity [a person or persons] authorized to exercise the power
of sale under the terms of a security instrument in accordance with
Section 51.0074.
SECTION 2. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2023.
______________________________ ______________________________
President of the Senate Speaker of the House
I hereby certify that S.B. No. 1568 passed the Senate on
April 12, 2023, by the following vote: Yeas 30, Nays 0.
______________________________
Secretary of the Senate
I hereby certify that S.B. No. 1568 passed the House on
May 24, 2023, by the following vote: Yeas 134, Nays 4, one
present not voting.
______________________________
Chief Clerk of the House
Approved:
______________________________
Date
______________________________
Governor