The bill aims to establish new regulations regarding the collection of fees related to veterans benefits matters in South Dakota. It prohibits individuals from receiving any form of financial compensation for preparing, presenting, or assisting with veterans benefits claims before the United States Department of Veterans Affairs, the United States Department of Defense, or the South Dakota Department of Veterans Affairs, except as allowed by federal law. Additionally, it forbids individuals from receiving compensation for referring others to assist with these matters.

The legislation clarifies that the division of fees between attorneys is permissible if it complies with state laws and the South Dakota Rules of Professional Conduct. Violations of this section are classified as deceptive trade practices, and the bill defines "veterans benefits matter" to encompass any claims related to benefits for veterans or their dependents.