No. If you fail to pay the registration fee, the registration will lapse and that alphanumeric combination will be returned to the list of available registrations for someone to choose. If you sell or give away your vehicle, and you no longer want the plates, you should make sure to cancel your registration, otherwise you will be assessed fines for failure to renew it and your vehicle will remain on your local tax rolls. If you do cancel the registration, you can fold or cut up the plates and put them in your recycling bin so that they cannot be stolen.
The license plate is technically being held hostage:: If you don't turn in the license plate, you must pay the cost that comes with not returning it. If a person stole it, you must make a police report and inform the Rhode Island DMV as soon as possible.
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