A ha! I just found a copy of Section 2 for the above HR 727 and it's IMO the most important part!
SEC. 2. MOTOR VEHICLE SAFETY STANDARDS.
For purposes of motor vehicle safety standards issued and
enforced pursuant to chapter 301 of title 49, United States Code,
H. R. 727—2
a low-speed electric bicycle (as defined in section 38(b) of the Consumer
Product Safety Act) shall not be considered a motor vehicle
as defined by section 30102(6) of title 49, United States Code.
Federal Law trumps State Law, so this should mean, if I'm reading it correctly, that a Low Speed Electric Bicycle should not have the same requirements as a moped, scooter or motorcycle.
Edit: Just found this thread ( http://endless-sphere.com/forums/vie...t=1518&start=0
) which seems to indicate that they came to the same conclusion.