MS HB1416

Creates an alternative procedure for insurance companies to obtain motor vehicle titles following total loss settlements when owners fail to provide properly endorsed certificates of title.

Requires vehicle owners or lienholders to forward properly endorsed title certificates to insurers within 15 days of receiving total loss settlement funds.

Allows insurers unable to obtain titles within 30 days to request the Department of Revenue issue a salvage or parts-only certificate of title, provided they document at least two written attempts to obtain the original title.

Requires insurers to submit documentation proving lienholder interests were protected in the settlement payment when requesting salvage titles for vehicles with existing liens or encumbrances.

Sunsets on July 1, 2014, and takes effect July 1, 2012.