Requires a short-term rental operator to: (1) Obtain a business license from the department of revenue; and

(2) Maintain liability insurance to cover a short-term rental unit in the aggregate of not less than one million dollars.

Prohibits a short-term rental operator from: (1) Engaging in the business of providing a short-term rental unit unless the operator is in compliance with the requirements of this act and applicable local codes; and

(2) Advertising short-term rental units that are not licensed or violate prohibitions or restrictions on the rentals.