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ABS light due to pressure modulator valve assembly failure on Oldsmobile Regency

Problem Description and Possible Solution
The anti-lock brake (ABS) pressure modulator valve assembly may fail internally causing the ABS light to illuminate.
Problem Data
RepairPal Verified
Average mileage: 171,500 (132,000–211,000)
2 model years affected: 1997, 1998
4 people reported this problem
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My light is on now but my mechanic says it's ok to drive.