Apparently the law exists in order to give law enforcement a chance to recover stolen goods before they can be resold (think pawn shops.) So if it turns out the guitar I just bought was stolen, and the cops turn up at Guitar Center before my pickup date, I'll be out of luck (though I assume I'd get my money back.)
I have no information with regards to the efficacy of the law. I didn't even know it existed until I purchased the guitar and was told I'd have to wait a month to take it home.
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