TO: | Honorable Burt R. Solomons, Chair, House Committee on Financial Institutions |
FROM: | John Keel, Director, Legislative Budget Board |
IN RE: | HB1493 by Solomons (relating to the foreclosure of property and the authority of a mortgage servicer to administer the foreclosure on behalf of a mortgagee.), Committee Report 1st House, Substituted |
The bill would amend Chapter 51 of the Property Code. It would state that a mortgage servicer may administer the foreclosure of property on behalf of a mortgagee if both parties have entered into an agreement granting the mortgage servicer authority to service the mortgage and if the mortgage servicer discloses in the notices that the servicer is representing the mortgagee under a servicing agreement with the mortgagee.
The bill would take effect September 1, 2003.
Source Agencies: | |
LBB Staff: | JK, JRO, RR
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