TX HB576

Expands the definition of "trustee" and "substitute trustee" in the Property Code to explicitly include individuals, corporations, organizations, government entities, business trusts, estates, trusts, partnerships, associations, and other legal entities

Replaces the previous broader term "person" or "persons" with a detailed enumeration of entity types that can exercise the power of sale under a security instrument on real property

Authorizes substitute trustees to be appointed by the current mortgagee or mortgage servicer to exercise foreclosure power of sale

Takes effect immediately upon receiving a two-thirds vote of all members elected to each legislative house, otherwise takes effect September 1, 2025