SOURCE: torque converter solenoid stuck off DTC
There is a solenoid switch that locks up your torque converter to get a 1:1 input for your transmission. This solenoid (or less likely its circuit) does not operate. You probably don't feel the difference in driveability but this definitely affects fuel mileage of the car... The solenoid for your particular application is available for about 60$ Canadian at NAPA auto parts here in Canada. Not too sure about USD$ and labour costs...
SOURCE: jeep codes location of unit
Got me a complete manual for 199 jeep factory model and found location of each individual unit in question. Manual gives u possible solution to each code and repair and or replace. As a mechanic myself testing, trouble shooting and repair was not that difficult. Shift solenoid was very difficult to get to. Located under the head lamp passenger side.
SOURCE: Locationof the Torque Converter Clutch Solenoid
Your transmission should still work if the solenoid goes bad. It will just shift funny
SOURCE: torque converter clutch solenoid stuck
Unless you live in a state that requires an emissions test, forget it. The factory fix is to replaced the converter and internal seals and bushings. These states machines will not let you run a test with the light on.
SOURCE: check engine light came on, code was p0741... the
this is most likely true .try disconnecting the battery positive terminal for 1 minute to see if it will reset itself
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