Technology

This bill creates the Rental Home Marketplace Guarantees Act to regulate how online rental platforms handle guarantees for renters. It defines rental home marketplaces as platforms that connect property owners with renters and requires these platforms to back their guarantees with reimbursement insurance policies if they fail to perform. The law mandates that providers must make guarantee terms available online and include clear statements on their contracts explaining that the guarantee is not an insurance contract but is backed by insurance. Additionally, the bill establishes that if a provider cannot fulfill a guarantee within 180 days after a claim is filed, renters can claim directly from the insurance company. The legislation applies to consumer transactions involving these platforms and clarifies that providers are not considered insurance companies under state law.