I ran into this question last time I was at HF. I asked the store manager and they said.... Due to the people that are buying tools at flea markets and garage sales that are broke; for the newer tools they will be required to have a receipt for exchange on such items: drills, power items, etc. But that they are also supposed to require a receipt for hand tools also from now on, but that the stores are being leinient to the policy because you can only buy HF tools at HF.
After that conversation was over with the gentleman in front of me, I then asked the store manager.....what about all the older stuff that was purchased??? I bought the 16pc wrench sets years ago and didn't keep the receipts. He said, for all the existing purchases we are going to do our best to replace as we did in the past, no questions asked.
So hopefully this wont impact anything we have previously purchased, but hang onto those receipts for the new stuff......dont really see this being a bg deal as everyone else is pretty much asking you to hang onto receipts also. I have a manila envelope in my deep drawer with all my receipts in it. no problems so far.