(a) If an applicant qualifies for a license under this subtitle, the Board shall send the applicant a notice that states that:

(1) the applicant has qualified for a license; and

(2) the Board will issue the appropriate license to an applicant on receipt of a license fee of:

(i) $600 for an unlimited license;

(ii) $300 for a 40-foot-draft limited license;

(iii) $300 for a 36-foot-draft limited license; or

(iv) $200 for a 32-foot-draft limited license.

(b) On payment of the license fee, the Board shall issue an appropriate license to each applicant who meets the requirements of this subtitle.

(c) The Board shall seal each license that the Board issues with its official seal.