(a) The Department may issue a maximum of 5 commercial licenses for taking from the Illinois waters of Lake Michigan yellow perch, bloater chub, and other commercial fish species designated by Department rule. All licenses issued under this Section shall be valid for a period of 3 years. The catch limits established by the Department for the taking of yellow perch, bloater chub, and other designated commercial fish species shall be the same for all active licensees.
     (b) At times determined by the Director, the Department shall advertise a public drawing to accept new qualified commercial fishing candidates and establish a ranking order for these new candidates to fill open Lake Michigan commercial fishing licenses. This ranking order shall continue to be used until the list of eligible candidates is exhausted.