:This article offers the first comprehensive history of the development of mandatory disclosure rules for the cost of consumer credit. In contrast to prior studies, which begin with the creation of federal disclosure rules in 1968, this story starts with state-level laws that were drafted before World War I. By looking back over a longer time period, it reveals the challenges involved in defining “truth” in lending, and how the perceived purpose of a regulatory technique like mandatory disclosure may change over time. Although the modern APR disclosure metric has come to seem natural and inevitable, history shows that lenders and policymakers once hotly debated the design of disclosure rules, with each faction claiming the mantle of “truth.” Moreover, policymakers did not always view disclosure as a means to increase price competition, obviating the need for direct price controls. Disclosure was once a complement to usury laws, rather than a substitute.

中文翻译：

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“贷款真相”的悠久历史

：本文首次全面介绍了消费信贷成本强制披露规则的发展历史。与之前的研究（始于 1968 年制定联邦披露规则）相比，这个故事始于第一次世界大战前起草的州级法律。通过回顾更长的时间，它揭示了定义所涉及的挑战贷款中的“真相”，以及强制披露等监管技术的感知目的如何随着时间而改变。尽管现代 APR 披露指标似乎变得自然且不可避免，但历史表明，贷方和政策制定者曾经激烈争论披露规则的设计，每个派别都声称自己是“真相”。此外，政策制定者并不总是将披露视为增加价格竞争的一种手段，避免了直接价格控制的需要。披露曾经是对高利贷法的补充，而不是替代品。