What would the consequences be if you have a valid drivers license but get pulled over and dont have it with you?

Usually, nothing. As long as you know your drivers license number and have another peice of identification (student i.d., power bill, registration to the car), the officer can call it in and verify it, and you probably won't go to jail. You may still get a ticket for not having your drivers license on you. It is a law that you must have your dl on you anytime while driving a car.