First off: I don't know if this has anything to do with something I did, or it's simply this weapon which has an incorrect tooltip.
So I bought this legendary for nothing (3k) off the AH while I was leveling my monk, and when I turned 36 and went to my stash to get some gear, I noticed the padlock icon had disappeared on it, and I could equip it even though it's level 37 required. I haven't the slightest idea how this happened or if it can be reproduced, but my guess is this could be useful for people leveling Hardcore characters if it's an actual glitch and not just a wrong tooltip.
Here's what I was doing in detail:
-bought the weapon when my monk was 34
-lock was there for sure, left it in my stash
-was finishing act 1 nightmare (mission 6)
-finished act 1, started 2
-crafted a random item (grand master etched jacket, a lvl 37 req. chest armor)
-went to my stash to check on what items I had left from leveling my DH, and noticed the lock had disappeared on the weapon