Sec. 2. To establish fees or change the amount of a fee, the board shall:
(1) follow the procedure required for the adoption of rules; and
(2) take into account:
(A) the cost to the department of the issuance of a permit, license, or approval;
(B) the cost to the department of the performance of services in connection with the supervision, review, and other necessary activities related to the permit, license, or approval;
(C) the cost to the department of the surveillance of the activity or property covered by the license, permit, or approval;
(D) the cost to the department of amendments, modifications, and renewals of a permit, license, or approval; and
(E) fees charged for equivalent activities in other states.