Vehicle Speed Sensor (VSS) is not working properly

My ASC light is on... since its a 1999 528i, common problem, and needs the Bosch ABS module rebuild... but, can this cause the the CEL to be on? :(

I have the same problem with my ASC not working. I don't have the ABS light or anything on either though. I still haven't found a definitive answer on what the problem is. A local euro import shop said to disconnect the module and clean out the connectors because it's probably a bad contact. I've also heard that disconnecting the battery for 30 min or so, then reconnecting, can fix the problem. Neither worked for me.

Bosch ABS module need to be rebuild, cost about $300....