The bill proposes amendments to the General Laws in Chapter 42-63.1, focusing on the tourism and transient lodging industry. Key insertions include the definition of "hosting platform," which refers to an electronic system for offering residential units for tourist or transient use, and the requirement for these platforms to collect and remit taxes. It also introduces the terms "non-owner-occupied residential real estate" and "owner-occupied residential real estate," expands the definition of "hotel," and clarifies the term "occupancy." The bill prohibits local authorities from banning listings on compliant hosting platforms and requires short-term rental properties to be registered with the department of business regulation, subject to annual renewal. A deletion in the bill is the removal of a previous registration deadline, now replaced with an annual renewal system.

The bill specifies new registration requirements for short-term rental properties, including the need to indicate whether the unit is owner-occupied or not, a detailed description of the property, and the total number of units the owner has listed. It removes the previous compliance notification deadline and requires completion of registration forms before listing on a hosting platform. Penalties for non-compliance with registration range from $250 to $1,000, depending on the duration of the offense. Additionally, the Department of Business Regulation will create an online database for registered short-term rental units. The act is scheduled to take effect on January 30, 2025, and aims to ensure that all listings include a valid registration number and its expiration date.