Short-term rentals; local ordinances regulating rentals in Cities of Lexington and Virginia Beach.

Requires the City of Lexington to comply with various statutory provisions related to the short-term rental of property. The bill provides that (i) any business license that was required by any ordinance in effect regulating short-term rentals shall be null and void, (ii) any license taxes collected for short-term rentals subject to any ordinance in effect shall be refunded, and (iii) any taxpayer who was required to pay transient occupancy taxes for rental of real property for more than 30 days shall be refunded such payment. The bill mandates a deadline of September 30, 2018, for refunds and for the city to amend its existing ordinance.