CONSUMER PROTECTION STARTED AS EARLY AS 1914 WITH THE ESTABLISHMENT OF THE FEDERAL TRADE COMMISSION (FTC) WHICH REMAINS AS THE PRINCIPAL GUARDIAN OF THE CONSUMER AGAINST UNFAIR AND DECEPTIVE TRADE PRACTICES. IN THE PAST, ADMINISTRATIVE PROCEDURES WERE EMPLOYED TO CORRECT FALSE AND MISLEADING PRACTICES AFTER THEY HAD OCCURRED. TODAY, THE RIGHT TO INFORMATION IS CONSIDERED TO MEAN MORE THAN THE RIGHT NOT TO BE DECEIVED AND SHOULD INCLUDE INFORMATION ON PRODUCT CHARACTERISTICS. EXAMPLES OF THIS NEW APPROACH ARE FOUND IN THE AUTOMOBILE INFORMATION DISCLOSURE OF 1958 (AUTOMOBILE MAKERS ARE REQUIRED TO POST LABELS ON CAR WINDOWS LISTING MAKE, MODEL, PRICE, ETC.), THE FAIR PACKAGING AND LABELING ACT OF 1965 (EVERY CONSUMER COMMODITY MUST CARRY A LABEL DISCLOSING PRODUCT IDENTITY, NAME AND LOCATION OF MANUFACTURER, ETC.) AND OTHER LEGISLATION EMERGING IN THE 1960'S. THE TRUTH-IN-LENDING ACT, PART OF THE CONSUMER CREDIT PROTECTION ACT OF 1968, CALLS FOR THE FULL DISCLOSURE OF CREDIT TERMS COVERING CONSUMER CREDIT TRANSACTIONS UP TO $25,000 TO INDIVIDUALS FOR PARTICULAR USES, WHEN A FINANCE CHARGE IS IMPOSED OR THE CHARGE IS REPAYABLE IN MORE THAN FOUR INSTALLMENTS. THE MOST IMPORTANT CONCEPTS OF THE ACT ARE THE FINANCE CHARGE AND THE ANNUAL PERCENTAGE RATE. ALTHOUGH THERE ARE SOME DIFFERENCES IN OPINIONS AND RESEARCH FINDINGS CONCERNING THE IMPACT OF THE ACT, CONSUMER KNOWLEDGE OF CREDIT COSTS HAS GROWN SINCE THE ACT WENT INTO EFFECT, AND MOST CREDITORS HAVE COMPLIED WITH THE DISCLOSURE REQUIREMENTS. HOWEVER, THE ACT'S LEGAL CONSTRAINTS ARE AMBIGUOUS, BECAUSE OF ITS EXPANSIVE COVERAGE (INCLUDING ORGANIZATIONS WHICH HAD NEVER CONCEIVED THEMSELVES AS EXTENDING CONSUMER CREDIT), JURISDICTIONAL DISPUTES INVOLVING ENFORCEMENT RESPONSIBILITIES, AND CONFLICTING INTERPRETATIONS AMONG VARIOUS LEGAL BODIES. THE GOVERNMENT SHOULD EFFECTIVELY ADMINISTER THE ACT, VIGOROUSLY PROSECUTE VIOLATORS OF THE DISCLOSURE REQUIREMENT, AND CONTINUE EDUCATING CONSUMERS ABOUT THE IMPORTANCE OF THE ACT. REFERENCES AND EQUATIONS ARE PROVIDED. (WJR)