Here's where the law as it stands today is published
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=110_cong_public_laws&docid=f:publ314.110.p... . It's 63 pages long and tough to read because it references back to other statutes not printed in full or linked in that document.
Somewhere in that law there is a clause about using disclaimers that if in the genral public opinion your product is seen as for children 12 and younger a warning label or other statement saying not intend for children would not protect you.
The CPSC published a "Guidance on the Consumer Product Safety Improvement Act (CPSIA) for Small Businesses, Resellers, Crafters and Charities" at
http://cpsc.gov/about/cpsia/smbus/cpsiasbguide.html , it's not an end all to the confusion caused by the law but it does help. It gives decent advice on what materials are exempt & what needs to be 3rd party lab and when, it's all based on what materials go into the finished product. So a plush, softie, or cloth toy that only contains materials on the exempt list would not need the lead testing as of right now, but once you add a non-exempt material like paint, even certified non-toxic paints, the whole finished item would have to be tested at a 3rd party accredited lab. The answer is still unclear if these exempt materials would still need the phthalates testing.
This law applies to your products only if you are making the item available to customers in the USA.