Cal. Corporations Code § 31201 : Securities — California Corporations Code — Franchise Investment Law — Fraudulent Practices — Unlawful offer or sale of franchise Date: 14 Sep 2016 TEXT PDF Current through the 2016 Legislative Session It is unlawful for any person to offer or sell a franchise in this state by means of any written or oral communication not enumerated in Section 31200 which includes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading. Ca. Corp. Code § 31201