Short-term rental guarantees and reimbursement insurance policies provided and regulated.

This bill creates a new regulatory framework for short-term rental platforms in Minnesota, requiring companies like Airbnb to offer financial protection for property damage claims. It mandates that these platforms purchase insurance policies that cover their guarantee obligations if they fail to pay customers, while also requiring annual registration fees and staff training on handling claims. The legislation clarifies that these guarantees are not insurance contracts themselves but must be backed by actual insurance policies to ensure customer compensation. Platform operators must display clear disclosures stating that their guarantees are not insurance and must make their terms publicly available on their websites.