Action Taken When the DTC Sets

WARNING: This page is about a different car, the 2007 GMC Sierra and 2007 Chevrolet Silverado. However, it is still accessible from the selected car via links, so may be relevant.

The TCM does not illuminate the malfunction indicator lamp (MIL).
The TCM uses default assumption that the brake is OFF.
DTC P0703 is stored in TCM history.
The TCM inhibits torque converter clutch (TCC) engagement.
The TCM inhibits grade braking.