Lead Free Toys Act of 2007 - Directs the Consumer Product Safety Commission to prescribe regulations classifying any children's product containing lead to be a banned hazardous substance within the meaning of the Hazardous Substances Act.
Requires the Commission, if it determines that it is not feasible for certain electronic devices to comply with such regulations as of the effective date, to: (1) issue standards to reduce the exposure of and accessibility to lead in such electronic devices; and (2) establish a schedule by which such electronic devices must be in full compliance with the regulations.