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Senate Bill 1568 |
Senate Author: Campbell |
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Effective: Vetoed |
House Sponsor: Shaheen |
Senate Bill 1568 amends the Property Code, for purposes of provisions generally applicable to liens, to redefine "substitute trustee" as an individual, corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, or other legal entity appointed by the current mortgagee or mortgage servicer under the terms of the security instrument to exercise the power of sale of real property. The bill, for those same purposes, also redefines "trustee" as an individual, corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, or other legal entity authorized to exercise the power of sale under the terms of a security instrument in accordance with statutory provisions relating to the duties of a trustee so authorized.
Governor's Reason for Veto: "While Senate Bill No. 1568 is important, it is simply not as important as cutting property taxes. At this time, the legislature must concentrate on delivering property tax cuts to Texans. This bill can be reconsidered at a future special session only after property tax relief is passed."