It appears that products that you mark as “Inactive” in Google Play Developer Console are returned as a valid product when you do store.loadProducts(productList, callback).
My plan was to have many products listed in the Developer Console, including temporary offers, that I would mark as active/inactive for periods of time. But that is impossible when the client is returned everything as valid.
I guess the only work around is having my own server tell the client which products are valid?