I'd take it out of service and use it for making v-boards and edge protectors. It's much cheaper to just spend a $20 bill than deal with a ticket or a spilled load.
to be on the safe side replace it because if it is found to be unsafe or it breaks it is a CSA pt violation of 7 I believe. Just tryin to help. If you need further explanation PM me for my cell number and i can look it up in the CSA safety manual
It's not a government secret. http://www.fmcsa.dot.gov/rules-regulations/administration/fmcsr/fmcsrruletext.aspx?reg=393.104 http://www.fmcsa.dot.gov/safety-security/safety-initiatives/cargo/cs-manual.htm
I hope you didnt buy a spare from a truck stop as thats a rip off. Do yourself a favor now and buy a box of 10 new ones online and save yourself a bunch of cash. Heres a good wesite to go to. http://www.tarpstop.com/
If it is nicked or cut on the edge then it will probably not be legal and will most certainly get a good, long look by DOT. I would just replace it and use it for what other drivers here are suggesting. Cutting it short to use on low loads like plate or rebar with a portable winch on one side works well as does using it to secure the trailing end of tarps over coils or when you have too much left over. V boards also. All good ideas. Continue using it to secure loads? not so much.
I had a flyer on my windshield in Oklahoma a few months ago from someone looking to buy the hooks off of straps. You might be able to sell the hook and get rich!!!!