Short-term rental guarantees and reimbursement insurance policies provision and regulation

This bill creates a new regulatory framework for short-term rental platforms in Minnesota, requiring them to carry insurance that covers their damage reimbursement guarantees to homeowners. The law defines platforms like Airbnb and VRBO as "providers" and mandates they register with the state Commerce Department, pay an annual fee, and maintain insurance policies that step in if the platform fails to honor its damage protection promises. Key provisions require platforms to clearly disclose that their guarantees are not actual insurance, ensure trained staff handle damage claims fairly, and allow insurers to seek reimbursement from platforms after paying homeowners. The legislation establishes a new chapter in Minnesota statutes specifically governing these rental marketplace guarantees and their associated insurance requirements.