I am surprised that the reason you said the dealer would give me is exactly what they told me.... I hope you arnt the tech that I took my car tooo????
Last evening when I took my car back from the dealer, his explenation was when they tried to communicate with the SRS Module (Located between the 2 front seats) they were unable to & according to him it has to be CHANGED.
The part is like $540 & than 2 1/2 hours labor (1 1/2 hour to remove & than 1 hour to program it again)...
The thing that pissed me off is that they charged me $150 for diagnostics but when I asked for the printout he made excuses that tech did not give the printout and alll.
After this when I questioned if this problem was normal, since my car has only 60K miles & its a 2002.... He started giving me excuses like people whoes issues arnt covered under warranty usually ask & its not usually but things happen & since your car is nearly 7 years old as its production year was 01, its possible & if it was a problem than BMW would correct it & so on....
This really got my attention & I felt something was fishy....
I will surely try the reset option tonight & see & if the light goes out - I OWE YOU A DRINK - DarkHorse737 
