MS HB477

Expands the definition of "motor vehicle" to include leased vehicles and rent-to-own vehicles, defining each term in Mississippi insurance and titling statutes.

Requires insurance companies to provide the Department of Public Safety with vehicle descriptions (including VIN) and notify the department within 15 days if a liability insurance policy lapses or is canceled.

Establishes a 30-day notice and cure period: if the department cannot verify insurance coverage, it must notify the vehicle owner who has 30 days to provide proof of insurance or face suspension of vehicle registration and driver's license.

Requires registered owners, lessees, and renters to maintain liability insurance meeting minimum coverage limits of $25,000 per person/$50,000 per accident for bodily injury and $25,000 for property damage.

Mandates that when a lessee or renter exercises a purchase option on a leased or rent-to-own vehicle, they must apply to the Department of Revenue for a new title reflecting the change in ownership status.