@systolic is right that the law (presumably written before .17hmr and .17hm2 existed) specifically refers to 'a magazine designed to hold 0.22-inch rimfire cartridges'. I guess you could argue that a .17hmr magazine is 'designed to hold 0.22-inch rimfire cartridges' though as manufacturers generally use the same magazine for both. Would be interesting to see that one tested in court!
Only applies to semi-autos though of course, bolt/lever/straight pull/pump etc can take as many rounds as you like.
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