Texas HB576 amends the Property Code to redefine "substitute trustee" and "trustee" for contract liens on real property.

Texas HB576 amends the Property Code by redefining "substitute trustee" and "trustee" for contract liens on real property. A "substitute trustee" is now defined as an individual, corporation, or other legal entity appointed by the mortgagee or mortgage servicer to exercise the power of sale. A "trustee" is defined as an individual, corporation, or other legal entity authorized to exercise the power of sale under the terms of a security instrument. The bill's effective date depends on whether it receives a two-thirds vote in both houses of the Texas Legislature.

Texas HB576 amends the Property Code to redefine "substitute trustee" and "trustee" for contract liens on real property.

Texas HB576 amends the Property Code by redefining "substitute trustee" and "trustee" for contract liens on real property. A "substitute trustee" is now defined as an individual, corporation, or other legal entity appointed by the mortgagee or mortgage servicer to exercise the power of sale. A "trustee" is defined as an individual, corporation, or other legal entity authorized to exercise the power of sale under the terms of a security instrument. The bill's effective date depends on whether it receives a two-thirds vote in both houses of the Texas Legislature.