From Guns.com:

“The laws should be the same for the gun you buy and the gun you make,” said Honda. “Our system of background checks and registrations are in place to ensure public safety. There’s absolutely no reason these checks and registrations should apply to guns made by a licensed manufacturer, but not apply to other, equally dangerous, weapons.”

How exactly is this going to be enforced? Unless you get rid of the Fourth Amendment to check everyone’s home for guns, this law cannot work.