Nope. Has to be linked from the homepage, among other requirements.

http://leginfo.ca.gov/cgi-bin/displaycode?section=bpc&group=...

What is the consequences of ignoring this if you are outside of California?

If any user of the service is in California, then the state can potentially take legal action against you.

Whether this really matters to a particular company depends on where they are, but full-faith-and-credit means that at a minimum anyone based in the US has to worry about it.

Has the State of California ever taken legal action against any company located outside of CA for not complying with this regulation or is it just another one of those laws that are on the book but are never enforced?

The link in the footer has just been added and wasn't there when I wrote my comment.