What?
Do you mean he wants to see it before letting you use it? Well, if the equipment is a truck or something that requires a license, he'd be liable for letting an unlicensed person use it.
Or does she wants to hold it as security so you return the equipment? That's unusual, except where the employee is new and/or there is some history of similar things being taken and not returned or the employer has a suspicion. But anyone can get a new license so I don't follow this well.