From the way I read it, it sounds like a regular Joe can own this ammo but only keep it at home -- no comment about using it at a range or for hunting is made (we can assume someone who at least has a NJ Firearms Purchaser ID Card, which is required to buy any gun in NJ). Is it also suggesting that my name & residence be recorded when I make such a purchase -- but I don't think my local shop was going to do so when and if I did buy it.
That said, my gun shop does sell hollowpoints... it is also heavily frequented by the local police who use the range in the back of the shop. I'm not sure if I could even SHOOT those bullets at the range I buy them at, so so far, I haven't done so. I don't want to be surrounded by cops as I load up my magazines with hollowpoints only to find out I just committed a felony or something by doing so. It's all very confusing.