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Incorrect. They do care about what you own and would confiscate it and have it destroyed if they could. The reason for grandfather clause is politics. They could not get the bill through if it's a "gun confiscation" bill.
@ilikegunspdx is correct on this. In Kalifornistan, the similar bill in the 90's basically said "yeah if you got 'em you can keep 'em" but then when it comes time to sell or leave your firearms to your progeny, that's illegal. Either remove them from the state or turn them in to be destroyed.
 

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