A bi-stable magnetic switch assembly comprises a stator having an axis and first and second magnetic portions angularly disposed there around, and a rotor having at least one magnetic region attracted to the first and second portions. The rotor is configured for rotation about the axis between (1) a first latched position wherein the region resides proximate to, but is spaced apart from, the first portion; and (2) a second latched position wherein the region resides proximate to, but is spaced apart from, the second portion. A spring biases the rotor to a position where the region resides intermediate the first and second portions. A coil, which is associated with at least one of the first portion, the second portion, and the region, may be energized to reduce the force of attraction between the region and the first and second portions when in the first and second latched positions, respectively.