88R3823 ATP-F     By: Campbell S.B. No. 1568       A BILL TO BE ENTITLED   AN ACT   relating to the persons authorized or appointed to exercise the   power of sale under the terms of a contract lien on real property.          BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:          SECTION 1.  Sections 51.0001(7) and (8), Property Code, are   amended to read as follows:                (7)  "Substitute trustee" means an individual,   corporation, organization, government or governmental subdivision   or agency, business trust, estate, trust, partnership,   association, or other legal entity [a person] appointed by the   current mortgagee or mortgage servicer under the terms of the   security instrument to exercise the power of sale.                (8)  "Trustee" means an individual, corporation,   organization, government or governmental subdivision or agency,   business trust, estate, trust, partnership, association, or other   legal entity [a person or persons] authorized to exercise the power   of sale under the terms of a security instrument in accordance with   Section 51.0074.          SECTION 2.  This Act takes effect immediately if it receives   a vote of two-thirds of all the members elected to each house, as   provided by Section 39, Article III, Texas Constitution.  If this   Act does not receive the vote necessary for immediate effect, this   Act takes effect September 1, 2023.