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Q - Can an employer accept an expired driver's license to establish a new hire's identity for I-9 purposes?
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A - Yes.  However, a driver's license can only be used to establish a new hire's identity for I-9 purposes.  It is one of a number of documents, called List B documents,  that only establish identity for I-9 purposes.  List B documents are listed on the back of the I-9 form.  It does not appear that these will change when a new I-9 Form is issued.  These documents are:
List B
Documents that establish identity 

  1. Driver's license or ID card issued by a state or outlying possession of the
      United States provided it contains a photograph or information such as 
      name, date of birth, sex, height, eye color, and address 
  2. ID card issued by federal, state or local government agencies or entities 
      provided it contains a photograph or information such as name, date of 
      birth, sex, height, eye color, and address 
  3. School ID card with a photograph 
  4. Voter's registration card 
  5. U.S. Military card or draft record 
  6. Military dependent's ID card 
  7. U.S. Coast Guard Merchant Mariner Card 
  8. Native American tribal document 
  9. Driver's license issued by a Canadian government authority 

For persons under age 18 who are unable to present a document listed above: 
10. School record or report card 
11. Clinic, doctor, or hospital record 
12. Day-care or nursery school record 

The DHS Handbook for Employers on page 14 specifically states:

"You may . . . accept an expired document from List B to establish identity."
THIS MEANS THAT IF A LIST B DOCUMENT IS USED TO ESTABLISH A NEW HIRE'S IDENTITY, THERE IS NO REASON TO REVERIFY THE I-9 FORM SHOULD THAT DOCUMENT EXPIRE.