The Board shall establish fees for the application, issuance, and renewal of licenses issued under Part III of this subtitle. The total amount of fees established under subsection (a) of this section may not exceed, for the 2–year term of the license: $100 per year for an elevator mechanic, elevator renovator mechanic, or accessibility lift mechanic; and $150 per year for an elevator contractor or elevator renovator contractor. Each fee for the application, issuance, and renewal of licenses collected by the Board shall be paid into the Elevator Safety Review Board Fund established under this subtitle.