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Welcome to the forum.
If it is the latter, then the park lock solenoid microswitch has failed, or not making good contact to energize the lock out solenoid to release the lock out pawl. You may have had to shift out of Park, but it was difficult, or the lock out pawl did not release fully, preventing the shifter from going back into park. This happens to many shifters due to that switch failure. Unfortunately, GM will not just replace the switch, but wants to sell the whole shifter assembly. That switch csn be purchased at an electronic store for a few $$
Here is the info for the fix in PDF format. Most of us have just tied the locking pawl back.
Good Luck. If you need the PDF for removing the console, I can add that as well.