The board of accountancy shall charge and collect a biennial renewal fee to practice as a licensed municipal public accountant. Each year, on or before May 30, the board of accountancy shall determine the amount that may be necessary for the next ensuing year to carry out and enforce the provisions of this act and shall fix the fee provided to be charged and collected under this section which shall be as follows:
Upon fixing the renewal fee, the board shall immediately notify all valid license holders of the amount of the fee for the biennial period.