What will happen if I have a concealed handgun license but do not have it on my person when I’m stopped by a law enforcement officer and have a concealed handgun in my possession?

This is a serious offense and can result in arrest and seizure and revocation of your license.
ORS 166.292(2) states: “Failure of a person who carries a concealed handgun also to carry a concealed handgun license is prima facie evidence that the person does not have such a license.”