The bill proposes amendments to the General Laws in Chapter 42-63.1, which pertain to tourism and development, specifically addressing transient lodging accommodations. It expands the definition of "hotel" to encompass a variety of lodging facilities, including residential units used or advertised for rent. The bill introduces the term "hosting platforms," which are online systems that facilitate reservations for transient use and are responsible for collecting and remitting taxes. New definitions for "non-owner-occupied residential real estate" and "owner-occupied residential real estate" are added, with criteria for each. The bill prevents cities, towns, or municipalities from prohibiting the offering of residential units for tourist or transient use on hosting platforms that comply with tax requirements. It requires short-term rental properties to be registered with the department of business regulation, including annual renewal and contact information for the owner or property manager. Insertions in the bill include language about facilitating reservations, defining real estate occupancy types, and specifying registration renewal terms, while deletions remove a specific deadline for registration with the department of business regulation.

The bill also updates the registration process for short-term rental properties, requiring additional information such as whether the unit is owner-occupied or non-owner occupied, a detailed description of the property, and the total number of rental units the owner has listed. It removes the previous requirement for the Department of Business Regulation to notify hosting platforms for compliance by a certain date, now requiring registration forms to be completed prior to listing on a hosting platform. Penalties for non-compliance with registration are outlined, with fines increasing based on the duration of non-compliance. The Department of Business Regulation is charged with creating an online database for registered short-term rental units, each with a unique identification number. The act is set to take effect on January 30, 2025, and aims to ensure that all short-term rental listings on hosting platforms include a current, valid registration number and its expiration date.