I got this response back from our senator. Looks like there is a 1 year grace period?
Originally the law was set to take affect on February 10, 2009. However, due to ongoing questions about the law's interpretation and implementation, the Consumer Product Safety Commission (CPSC) issued a one year stay of enforcement for certain testing and certification requirements. Under this new timeline, manufacturers and importers of children's products do not need to test or certify the requirements set by the CPSIA until February 10, 2010. Please be advised that retailers are still expected to meet the lead and phthalates standards but will not have to test or certify that each product meets the new standard. This action follows an earlier decision on January 8, where the CPSC announced an exemption for resellers, determining that thrift and consignment stores are not required to test products prior to resale. As always, businesses that resell children's goods are encouraged to exercise judgment in removing noncompliant products and continue to follow all product recall advisements.