Pretty weird thing happened when I was levelling a new Hunter to get the starter weapon, (Since it could be returning in RoI) I am able to equip a Year 2 flawless weapon on a really low level character and it does say "Requires level 20" when it shouldn't. Not complaining though, just wanted to know why this was the case lol
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For some reason all quest earned exotics have "requires level 20/30" instead of "requires level 40". I leveled up one of my characters really quickly by giving them a 310 First Curse and Sleeper Simulant, because they "required level 20". I guess you just found another one.