I stumbled upon this thread and looked at the law in question. It is a great example of some extremely sloppy drafting (to the extent that the statute accomplishes a lot more than the author intended).
First, what hasn't been mentioned here yet is that the law states, "Subsection 24-1(a)(7) does not apply to or affect any of the following: ... (7) A person possessing a rifle with a barrel or barrels less than 16 inches in length if: (A) the person has been issued a Curios and Relics license from the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives; or ...."
Read literally, none of the prohibited acts listed in 24-1(a)(7), such as possessing a machinegun, apply to a person who possesses a SBR and C&R license. So, for example, 24-1(a)(7) prohibits the possession of a Molotav cocktail. But, based on a literal reading of the law, a person is allowed to possess a Molotav cocktail so long as they are also in possession of a SBR and C&R license.
I think what the author intended to write was "Subsection 24-1(a)(7) does not apply to or affect any of the following: ... (7) The possession of a rifle with a barrel or barrels less than 16 inches in length if: (A) the person possessing the rifle has been issued a Curios and Relics license from the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives; or ...."
The second problem has been identified by Trent. Nothing about this new law limits its application to semi-automatic rifles only. No matter what the alleged author says in this thread about what was intended, the language of the statute says something different. A court is required to apply the plain meaning of the words of a statute (without looking at the "intent" of the legislature) unless there is some ambiguity in the statute, and this statute is completely unambiguous.
Finally, I have a feeling that a lot of the anti-gun legislators who voted for this bill thought that the only SBR's being legalized were antique SBR's. That is probably not sloppy drafting but an intentional feature that was kept on the down-low.
All that being said, I wouldn't want to be the test subject that first tries to assert these loop holes in the law. You may eventually get off, but you'll first be put through the ringer.