Enrolled Bill Summary

            House Bill 1493 amends the Property Code to establish requirements and procedures relating to a mortgage foreclosure. The bill defines "book entry system," "debtor's last known address," "mortgage servicer," "mortgagee," "mortgagor," "security instrument," "substitute trustee," and "trustee" as they relate to the foreclosure process. The bill requires a debtor to inform the debtor's mortgage servicer in a timely manner of a change in the debtor's address and specifies that a trustee or substitute trustee is not a debt collector. The bill authorizes a mortgage servicer to administer a foreclosure on behalf of a mortgagee who meets certain requirements and authorizes a trustee or substitute trustee to set reasonable conditions for conducting a public sale of the property if those conditions are announced before bidding begins for the first sale the trustee or substitute trustee holds on that day. The bill authorizes a mortgagee to either appoint or permit a mortgage servicer to appoint a perpetual substitute trustee by certified power of attorney or other written instrument. The bill provides that a purchaser of real property under a contract lien acquires the property "as is" without any expressed or implied warranties and at the purchaser’s own risk and establishes that such a purchaser is not a consumer.