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keep your registration papers in the car at all times - most places treat it as a serious violation. you'll typically face a fine (amount varies wildly by region, could be anywhere from minor to substantial) and the officer might impound your vehicle or issue a citation. some jurisdictions are stricter than others, so check your local traffic laws to know what you're dealing with.
The specific penalty really depends on where you live, which is why answers here probably vary so much! In most places it's a fine, but some jurisdictions could hit you with points on your license or even a warning if the officer is feeling lenient. The safest move is just to snap a photo of your registration on your phone as a backup - I've done that forever and it's saved me more than once when I couldn't find the physical copy in the glove compartment!
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