The proposed bill establishes regulations for short-term rental guarantees and reimbursement insurance policies under a new chapter, Minnesota Statutes, chapter 59E, titled the "Rental Home Marketplace Guarantees Act." It defines key terms such as "provider," "platform contract holder," and "rental home marketplace guarantee," and outlines the requirements for providers to issue these guarantees. Providers must make guarantee terms available on their websites, register with the commissioner of commerce, and pay an annual fee. Additionally, they are required to insure all guarantees under a reimbursement insurance policy issued by an authorized insurer in Minnesota.

The bill clarifies that rental home marketplace guarantees do not constitute insurance, provided that the providers comply with the chapter's regulations. It mandates that guarantees include specific consumer protection disclosures, such as a statement indicating that they are not insurance contracts and that obligations are backed by a reimbursement insurance policy. The commissioner of commerce is tasked with ensuring compliance with these regulations and overseeing the enforcement of the law. Overall, the bill aims to create a structured framework for the operation of rental home marketplace guarantees while protecting consumers.