88(3) HB 63 - Introduced version - Bill Text

	88S30109 ATP-F
	By:  Shaheen	H.B.  No.  63

	A BILL TO BE ENTITLED
	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 on the 91st day after the last day of the
	legislative session.