So this is the link that I found for the A3659 - I believe it is the most current version: http://www.njleg.state.nj.us/2012/Bills/A4000/3659_I1.HTM
From what I read on here - it would re-define destructive devices to include weapons of .50cal or higher. There does appear to be exceptions for shotguns, black powder, etc. But classifying them as destructive devices makes them illegal to possess. Not restricted, no registration, no grandfathering - you can't even possess them as a Class III dealer. It would make them the same class as a mine or a hand grenade - "shall not possess."
So also - you can still own them, you just can't possess them in New Jersey. So you should be able to just remove the gun from NJ - take it to a more friendly gun state such as PA while still retaining title. At least that is my understanding of it.
If someone has a link to a different version or can verify what version is actually on the governer's desk, I'd love to check it out.
