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Report: 40+ hoverboards have caught fire

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Amazon is now offering full refunds on any hoverboards sold on the online retailer's site, including in the U.S. and Canada. The ability to receive a full refund comes after a rash of fires and falls that have plagued the popular two-wheeled balance boards.

You may remember hoverboards were one of the more popular Christmas gifts in 2015.

The U.S. Consumer Product Safety Commission is praising Amazon's decision and say they expect other retailers and manufacturers to offer refunds, as well. The CPSC has been investigating hoverboard safety issues since December after reports of the product smoking or, even worse, catching fire.

Because of "the increasing number of serious injuries and emergency room visits associated with these products," the commission announced that it is expanding its investigation into hoverboard falls and injuries, which may be caused by design flaws in the boards.

Videos of kids, parents and celebrities falling off hoverboards filled the news and social media in the weeks following the holiday season. Though most injuries appeared non-life threatening, the latest concerns continue to focus on overall safety of the trendy product.

While the CPSC continues to investigate the reasoning behind the boards smoking or bursting into flames, more than two dozen colleges have temporarily banned the trendy transportation devices and are working on creating safety standards.

But in the meantime, if you purchased a hoverboard from Amazon, you are now able to receive a FULL refund on your purchase if you wish to return it.