http://forums.pelicanparts.com/showthread.php?t=400235
Apparently the bill in question has been amended as of 4/9/08, but I haven't read the full text to see if it still contains an attempt to undermine the current, pre-1975 exemption or not (I'd be surprised if that was taken out).
Even if this bill doesn't repeal it, I sadly think it's only a matter of time before Kalifornia's fascist, citizen-hating legislature does so. It's just one more way to try and force people to keep spending, spending, spending that dollar to their buddies in the auto and insurance industries. . .
http://info.sen.ca.gov/cgi-bin/postquery?bill_number=sb_1549&sess=CUR&house=B&site=sen