(MONEY Magazine) – If during a bout of insomnia you have ever snapped on the television, chances are you've seen an ''infomercial'': a five-to-30-minute commercial, often disguised as a talk show, that usually airs during low-rent time periods on independent stations or on cable channels such as Financial News Network, Lifetime and USA Network. These ads bombard unwary viewers with relentless pitches to order, toll-free, everything from $49.95 hair-restoration tonics to $195 books on real estate investing. Since their debut five years ago, infomercials have become big business, with their sponsors expected to spend about $160 million on air time in 1989. In the process, some of these not- ready-for-prime-time blurbs have stirred a comparable growth in consumer complaints, leading to investigations by Congress, federal and state regulatory agencies and local Better Business Bureaus. Among the most common criticisms: -- Deceptive or misleading claims -- Failure to deliver products and refunds -- Dissatisfaction with products -- Absence of disclaimers labeling the show's sponsor, as required by the Federal Communications Commission The particular infomercial that has sparked the current scrutiny in Washington is Money, Money, Money starring Wayne Phillips, the burly former jazz drummer turned get-rich-quick maven. (See ''The Beguiling Gurus of Get- Rich TV,'' MONEY, April 1986.) This latest TV offering by Phillips, which premiered last fall, is designed to flog his new book, How to Start Your Own . Business by Doing Business with the Government (ASI, $49.95). On the infomercial, Phillips tells viewers that ''free money'' is available from the government to any would-be entrepreneur. Since the commercial began running, thousands of viewers have deluged state and national offices of the Small Business Administration with calls demanding their free money. Unfortunately, as SBA counsel Frank Swain points out, ''No such grant programs exist at the SBA or, to the best of our knowledge, with any other federal agency.'' Phillips declined to speak with MONEY, but his lawyer, Eric Rubin, said, ''There is nothing deceptive about the advertisement.'' Prompted by complaints from the SBA, a House subcommittee held a hearing in May and sharply criticized the Federal Communications Commission and the Federal Trade Commission for allowing the airing of misleading infomercials. Asked subcommittee chairman Norman Sisisky: ''Why would anyone sit through a half-hour commercial if they knew what it was?'' At the hearing, FCC officials conceded they do not monitor such TV spiels. The FTC, responsible for investigating false advertising claims, has taken only four public enforcement actions against infomercials in five years, one of them involving an earlier Phillips show. But under pressure from Congress and the SBA, the FTC has begun an investigation of the current Phillips campaign. Programmers, who share the blame for running questionable infomercials, are slowly pulling the plug on the pitches. For example, Financial News Network took off its five-minute infomercials in May and never carried Phillips' latest show. Other 30-minute commercials will continue on FNN only through the fall. ''There were complaints about some of the advertisers,'' admits FNN general manager Michael Wheeler. FNN also may be feeling pressure from CNBC, its new cable business-channel rival, which does not air infomercials. To protect yourself when watching infomercials, follow these rules: -- Don't order any product if there is no guaranteed refund. -- Before placing an order, call the Better Business Bureau where the advertiser is based and ask for the company's complaint record. If it is unsatisfactory, don't buy anything. -- If you don't get merchandise you ordered or a promised refund, file a complaint with the Better Business Bureau for the sponsor's area or send one to your local BBB, which will forward it.