It is not semiautomatic, so if is not named by model number, it would be legal. An SKS is still legal to purchase in California. A pump kindof takes the fun out of it.
Shin-Tao,
I'm not sure it's that simple. I understand that any gun based on the AK-47 action is banned (to stop manufacturers and importers from just creating new variants with different names to get around the ban). I'm not sure how a pump-action AK would fit into this. An interesting question.
The really stupid thing is that they are going to cost the same as a SAR-1. Yech....no thanks. Oh....and according to CIA's website, they don't come with a magazine either. Brilliant.
If you want a pump-action rifle, look for the Colt Lightning reproductions for the CAS market.
Chambered in .45 Colt, but I hope that they will soon come out in .44-40, .38-40, and .32-20 as well.