It's expired. Like BAD expired. Like not even within the realm of the cop might let you off with a warning expired.
Okay? Because I saw like five people this morning with tags like this. This one guy? Who totally cut me off and then cut off like five other people because he was about six hundred years old and should have had his drivers license taken away a long, long time ago? He had a tag that looked like this and it expired in May of 2006. I was able to easily see it, what with him cutting me so short I could see the hairs in the moles on the back of his neck.
Anyway. If you tag looks like this, get thee to the DMV. Post haste!
Also, if it really says, "THATCHICK" can you send it to me? That would rock.