MS HB1492

Expands the definition of "motor vehicle" to include leased vehicles and rent-to-own vehicles, with specific definitions added to insurance and vehicle title chapters.

Requires insurance companies to provide the Department of Public Safety with descriptions of covered vehicles (including VIN) and notify the department within 15 days when policies lapse or terminate.

Authorizes the Department of Public Safety to notify vehicle owners when no liability insurance is verified on file, giving owners 30 days to provide proof or face suspension of vehicle registration and driver's license.

Requires registered owners, lessees, and renters to maintain liability insurance, with penalties applied if coverage lapses.

Requires lessees or renters who exercise the option to purchase a leased or rent-to-own vehicle to apply for a new title from the Department of Revenue to reflect the change in ownership status.