Bill Text: TX SB1568 | 2023-2024 | 88th Legislature | Enrolled
Bill Title: Relating to the persons authorized or appointed to exercise the power of sale under the terms of a contract lien on real property.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Vetoed) 2023-06-16 - Vetoed by the Governor [SB1568 Detail]
Download: Texas-2023-SB1568-Enrolled.html
| S.B. No. 1568 | ||
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| 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 [ |
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| 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 [ |
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| 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 | ||
