California Law on Auctioneers, Auction Companies, and Defaults

“Every auctioneer and auction company shall maintain a bond issued by a surety company admitted to do business in this state. The principal sum of the bond shall be twenty thousand dollars ($20,000). A copy of the bond shall be filed with the Secretary of State,” from California Law on Auctioneers and Auction Companies.

Does this mean that any auctions performed by any auctioneer not bonded for $20,000 with the Secretary of State of California is not a legal auction?

Thanks to Hydrogene for bringing this to our attention.

Also, there is California Law on Defaults.