The "South Carolina Safeguarding American Veterans' Benefits Act" aims to regulate the compensation for individuals assisting veterans with their benefits claims. The bill introduces new definitions and guidelines regarding claims, compensation, and the roles of various entities involved in veterans' benefits matters. It prohibits individuals from receiving compensation for preparing or presenting claims unless permitted by federal law, and it specifically disallows excessive fees and guarantees of benefits. Licensed attorneys and accredited representatives are exempt from certain restrictions, provided they comply with existing regulations.

Additionally, the bill mandates that any agreement for compensation must be documented in writing and signed by both parties, ensuring transparency in the fee structure. Violations of the provisions outlined in the bill are classified as misdemeanors, with penalties including fines and imprisonment. The Attorney General is empowered to take legal action against violators, and individuals who suffer losses due to violations can seek recovery under the South Carolina Unfair Trade Practices Act. The act will take effect upon the Governor's approval.