This bill establishes new protections for veterans seeking assistance with veterans' benefit matters in South Dakota. It introduces definitions for key terms such as "compensation" and "veterans benefits matter," and mandates that individuals providing advisory or consulting services must disclose the terms of their service and compensation in a written agreement signed by both parties. The bill also requires that this agreement includes specific disclosures, such as the lack of affiliation with the U.S. Department of Veterans Affairs and the availability of free services from other organizations.

Additionally, the bill outlines prohibitions for those providing assistance, including the inability to charge initial or nonrefundable fees, guarantee outcomes, or receive compensation for services related to claims filed within a one-year presumptive period of active duty release without a signed waiver. It mandates background checks for individuals accessing veterans' medical or financial information and allows the attorney general to impose civil penalties for violations of these provisions. Importantly, the bill clarifies that it does not alter the requirements for agents or attorneys accredited by the U.S. Department of Veterans Affairs.