I have had vehicles with that code before, and I always find that the governor solenoid, and the governor pressure sensor, both have tiny mesh filtering screens around their fluid intake ports to protect them, and I usually find that they are plugged up completely with fine metal shavings. The transmission governor solenoid and pressure sensor are located next to each other under the transmission oil pan, and are located just rear of the transmission valve body.
That repair will depend on how much other damage the transmission really has (if there is a lot of friction material, or metal fragments in the bottom of the transmission oil pan, or the transmission fluid is dark and smells like a burned up clutch or brakes then the transmission will require more extensive repairs) and the repair could last for just a few days or years depending on the condition of the transmission, and it would be a good idea to change the transmission oil filter if you remove the transmission oil pan. Let me know if you require any further assistance.
It could be just a simple sensor needed replacing. lots of tranny shops wanna take you to the cleaners. ask a few shops which sensor it could be, a good one will tell you how big of a prob it actually is.
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