I was told by an outfitter here in CO that it is illegal to even have a light on the bow, even if the batteries are removed. Said he had a hunter ticketed for it (they guy gave the warden attitude, so got rung up on everything possible). No first hand knowledge, but I trust the guy who told me. Basically how does the warden know you didn't just dump the batteries when you saw him coming... Probably up to their discretion to enforce.
In any case, I swapped my old lighted sight for a much nicer one w/out a light. Couldn't be happier, as I never once shot an animal where the light made any difference. Don't even think it worked any more, honestly. But it Would be my luck that the first bull I arrow in CO would get confiscated and I would go home with a fat fine, for having a light with no batteries...
Also, check Pope & Young qualification, I'm not sure you can enter a deer in the book if you have a laser/rangefinder on your bow. At least that's how it was many many moons ago when I looked up the Vendetta