On December 3, 2008, the New Jersey Department of Banking and Insurance issued Bulletin 08-25 addressing the annual review required under the New Jersey Home Ownership Security Act's definition of a "high cost home loan." The Act requires an annual adjustment of the maximum principal amount that will result in a loan being considered a high cost home loan. The maximum principal amount will increase to $428,615.60, and will apply to all loans closed on or after January 1, 2009.