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 authorizing a mortgage servicer to conduct a foreclosure sale on behalf of a mortgagee.), As Introduced |
The bill would add Section 51.0021 to the Property Code. It would state that a mortgage servicer may conduct a sale of real 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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