The proposed bill establishes new regulations regarding compensation for individuals who advise, assist, or consult on veterans' benefits matters. It creates a new section, 501.9741, in the Florida Statutes, which defines key terms such as "compensation," "veteran," and "veterans' benefits matter." The bill prohibits individuals from receiving compensation for merely referring someone to another person for veterans' benefits assistance. It allows compensation for services rendered only under specific conditions, including a written agreement that outlines the terms of compensation and requires the veteran to acknowledge their choice to waive free services available to them. Additionally, the bill mandates a written disclosure to clients, stating that the business is not affiliated with the Department of Veterans' Affairs and that other organizations may provide similar services for free.

Furthermore, the bill imposes strict limitations on fees and prohibits charging initial or nonrefundable fees, as well as interest on payment plans. In the event of a veteran claimant's death, any expected compensation must be waived, and payment plans must be terminated. The bill also includes provisions to protect veterans' personal information, requiring background checks for individuals accessing such information and prohibiting guarantees of successful outcomes in claims. Violations of these regulations are classified as deceptive and unfair trade practices, subjecting offenders to penalties under the Florida Deceptive and Unfair Trade Practices Act. The act is set to take effect upon becoming law.