Like all highly detailed and extensive government regulations, it will have perverse effects.
National operators will follow the law, with expenses passed on to consumers. There will be great incentive for low-level operators (think of our migrant community) to simply lie or sell product without it. The Government will not have the ability, or will, to police everyone, so an underground system will develop.
Another job creation program courtesy of BO - 500,000 immediate openings for government inspectors. No experience required, minorities only need apply, includes vacation, fully subsidized health care and generous retirement plan.