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Boss pedal problem - comes on but does not turn off

I got a Boss LMB-3 Bass Limiter Enhancer and when the footswitch is depressed, the light comes on and it functions properly. When you push it again, if interrupts the light, but then does not disengage. To turn off the effect, you need to unplg the power and replug it in. Any ideas? Can i just replace the switch or is this a more serious repair?