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House Bill 1470 |
House Author: Villalba et al. |
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Effective: 9-1-17 |
Senate Sponsor: Creighton |
House Bill 1470 amends the Business & Commerce Code and Occupations Code to provide for the public sale of residential real property under a power of sale in a security instrument. The bill, among other provisions, authorizes an applicable trustee conducting such a sale to contract with an attorney or an auction company, requires a winning bidder at the sale to provide certain information to the trustee when the trustee completes the sale, and requires the trustee to provide the winning bidder with a receipt and deed and to conduct related post-sale actions, such as the distribution of sale proceeds, for which the trustee may receive certain fees.